Portal, the cross-chain decentralized exchange, recently announced integrating Chainlink Price Feeds. The integration allows the DEX to access precise and secure price data feeds. Portal aims to facilitate atomic swaps across Bitcoin and other networks with the development.
The decentralized exchange released an official post to make the announcement. Portal stated the reason behind choosing Chainlink was its time-tested and globally-accepted price oracle services. The oracle uses several layers of decentralization and data providers to formulate an ideal price feed.
Moreover, it has a proven history of offering price data to renowned DeFi protocols, securing 80 billion dollars across the ecosystem. Portal’s Layer 2 and Layer 3 technology allows projects to develop censorship-free on-media, communications, and one-tap execution of cross-chain transactions.
It also facilitates a secure, off-chain execution of smart contracts for asset swapping, staking, issuance, derivatives, liquidity, and more. Moreover, the technology stays peer-to-peer without any third-party control throughout the operation.
Integrating Chainlink Price Feeds into Portal will seamlessly offer cross-chain atomic swap functionality in a decentralized channel. Since Chainlink Network provides mission-critical data, it is ideal for cross-chain transactions. Portal believes that the development would reduce friction for customers, helping liquid markets sustain.
The decentralized exchange specified four major benefits of adding Chainlink Price Feeds’ into their network. The most common benefit of adding the price feeds is highly precise data collected from different aggregators.
The second benefit is the data’s security, provided by reliable node operators. The third benefit of adding the price feeds is its decentralized nature at oracle nodes, oracle network levels, and the data source.
Moreover, the price feeds offer a completely transparent process backed by on-chain monitoring tools. Portal’s decision to add Chainlink Price Feeds seems natural with such functionalities on offer.