Glacier Integrates Chainlink Price Feeds to Facilitate CeDeFi Lending and Borrowing
We’re excited to announce that Glacier — a CeDeFi lending/borrowing platform that creates alternative opportunities in financial markets — has integrated Chainlink Price Feeds on the Polygon mainnet. By integrating the industry-leading decentralized oracle network, Glacier has access to high-quality, tamper-proof price feeds needed to establish real-time exchange rates on various fiat and crypto currencies used in lending and borrowing. This will help provide our users with strong assurances that the values used in our platform are continuously updated, secure, and trustworthy.
Our initial integration involves the use of the following Chainlink Price Feeds: CLP/USD, ETH/USD, BTC/USD and USDC/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Glacier is a liquidity protocol that connects crypto asset owners to owners of fiat assets through a borrowing/lending platform and a fiat on/off ramp. Thus, crypto asset owners will be able to obtain liquidity without the need to sell their assets while owners of fiat assets can provide liquidity in exchange for lower risk returns.
In order to secure the exchange rates referencing when issuing loans and checking their collateralization we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model helps generate accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
● Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record of reliability, even during high gas prices and infrastructure outages.
● Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
● Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
We plan to expand our integration of Chainlink-powered decentralized services in the future, such as using Chainlink VRF (Verifiable Random Function) to transparently reward random platform users with various benefits through aleatory airdrops.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Glacier is a Centralized Decentralized Finance (CeDeFi) platform which provides markets a completely different and new option from traditional financial services. In Glacier, we believe strongly in the power of interconnected users and the benefits of centralized regulations. Furthermore, we ensure a secure and transparent ecosystem for our community through blockchain technology, which follows our guidelines of trust and credibility.
With our first product –Glacierlend– we want to grant new opportunities to current financing by connecting crypto and fiat asset owners.