WePiggy lending protocol integrated Chainlink (LINK/USD) Price Feeds on Moonriver mainnet and now enjoys access to high-quality, tamper-proof price feeds, Invezz learned from a press release. The protocol needs these to price crypto assets on its lending market when checking collateral and giving loans.
This reassures users that their collateral assets will not be impacted by price manipulation.
Initial integration involves ETH, BNB integration
The initial integration supports Ethereum (ETH/USD), Binance Coin (BNB/USD), Wrapped Bitcoin (WBTC/USD), MOVR, USDC, and USDT. WePiggy chose Chainlink as their go-to oracle solution because of its seamless infrastructure and reliability.
The lending protocol is focused on building a non-custodial, open-source crypto asset market that assists users in achieving asset appreciation and maximizing use across multiple chains.
Fair prices reflect volume-weighted average
WePiggy needed access to fresh, directly on-chain assets to help secure their lending markets. These prices reflect a volume-weighted average from all trading environments, as they should. The protocol needed an oracle to retrieve aggregated price data off the blockchain and then deliver it on it so the app can use the data.
Ron Zheng, founder and CEO of WePiggy, said:
The integration of Chainlink Price Feeds allows us to provide users with more robust and transparent asset pricing, reducing the possibility of disputes and single points of failure. Chainlink is also blockchain agnostic, and already live on many of WePiggy’s target chains, simplifying the development requirements to scale WePiggy.
The protocol gives funding security priority, thereby creating a more diverse lending market. On the other hand, Chainlink provides secure and reliable services to help make sure that WePiggy can grow and diversify DeFi on Moonriver as well as bring the overall DeFi forward on the Layer 2 ecosystem.
Benefits of Chainlink Price Feeds
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.
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. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
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