Yeti Finance integrates Chainlink on Avalanche Mainnet

3 Min Read

Yeti Finance, an innovative decentralized lending protocol with over $850 million in total value locked (TVL), has integrated Chainlink Price Feeds (LINK/USD) on Avalanche Mainnet (AVAX/USD), Invezz learned from a press release.

The protocol has access to high-quality, tamper-proof price feeds by integrating the industry-leading decentralized oracle network, thereby ensuring protocol solvency. This is possible because borrowers’ collateral value can now be calculated accurately.

Users can borrow up to 21x against LP token portfolios

With Yeti Finance, users can borrow up to 21x against their portfolio of LP tokens and yield-bearing stablecoins for 0% interest. Yeti Finance can auto-compound farming rewards for maximum yield on behalf of users. Borrowers on Yeti Finance mint YUSD, a fully decentralized, hard-pegged stablecoin that requires a 110% collateral ratio.

After reviewing various oracle solutions, Yeti Finance 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 generates more precise 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. Chainlink nodes have 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.

RoboYEti made a statement:

It’s very difficult for on-chain lending platforms to function securely without Chainlink Price Feeds. By integrating the leading source of decentralized price data, Yeti Finance is telling users that the protocol settles for nothing less than the best infrastructure in the ecosystem.

The post Yeti Finance integrates Chainlink on Avalanche Mainnet appeared first on Invezz.

from Chainlink – Invezz

Share This Article
What Is Cryptocurrency? Crypto Token: Crypto Coin & Crypto Token: Know The Difference