dForce Is Integrating Chainlink Price Feeds on Ethereum-Based Solution, Arbitrum
Arbitrum is a layer two solution that is based on the Ethereum network. Developers rely on Arbitrum to leverage the advantages of low cost and no security guarantees to build highly scalable smart contracts.
Arbitrum addresses issues are poor efficiency and the high cost of execution of a transaction. Arbitrum deploys the transaction rollups technique to record transactions executed over the network, allowing to offload a lot of computational and storage burden on Ethereum.
Chainlink offers its oracle services to power hybrid smart contracts on a blockchain. It has so far set a benchmark in the industry when it comes to building and offering access to oracle services. Chainlink secures billions of dollars for major industries like insurance, DeFi, and gaming, to mention a few.
Enterprises and other data ventures utilize Chainlink to access the universal gateway to all blockchains.
dForce functions on Arbitrum, Ethereum, BSC, and Optimism, recording a TVL of $495 million. It actively reaches out to the community seeking to build a complete set of DeFi protocols. The aim is to cover assets, lending, trading, and serving as a DeFi infrastructure in the upcoming Web3 technology.
The legitimacy of dForce is backed by a thorough audit conducted by ConsenSys, Trail of Bits, Certora, and Certik.
dForce x Chainlink Price Feeds
dForce has integrated Chainlink Price Feeds as a part of an aggressive multi-chain expansion on different chains. The current integration is live on Arbitrum, where Chainlink acts as the prime oracle solution for lending and algorithmic stablecoin protocols.
Through this partnership, the users of dForce will now be able to leverage the open finance protocol matrix with the assurance of high speed and lower transaction costs. The integration of Chainlink Price Feeds on Arbitrum backs the protocol’s reliability, something that dForce has announced as its top priority in the blog post where it broke the news to its community members.
Snow, the Chief Technical Officer of dForce, said that the integration would help dForce bring globally accurate prices to its users. Snow added that the integration would give more time to developers to work on building novel DeFi solutions for the community.
Chainlink Price Feeds is a separate mark in the industry, and many more platforms have adopted it as a market data solution in smart contracts. Snow echoed the same words in the statement mentioned in the blog post.
Integrating Chainlink Price Feeds with Arbitrum is an added step taken by dForce to offer a smooth user experience. Earlier steps taken by dForce for a better user experience were bug bounty programs and robust audits.
Expansion spread to more EVM compatible chains, namely BNB Chain, Ethereum, Polygon, Arbitrum, and Optimism. All the chains share common features of having various advantages and enabling novel use solutions.