TrustSwap is diving even deeper into the DeFi space with the addition of the $SWAP token price feed data into the Chainlink decentralized oracle price feed. This inclusion will allow TrustSwap token to be integrated smoothly into all DeFi and CeFi projects connected to the Chainlink price data such as CREAM, AAVE, Celsius, Synthetix and more. Expect more news about the Swap token integration in the DeFi ecosystem soon
Chainlink has established itself as the leading solution for bringing real-world data into blockchain platforms. The Chainlink Oracle Network expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation via oracles while integrating maximum security and reliability of information through decentralized blockchain technology.
Use cases enabled by Chainlink include P2P payments, NFT exchanges, supply chain management, authorization and identification procedures, insurance, and enterprise systems.
Price Feeds represent the most popular use case of oracles. Several DeFi platforms like AAVE, Cream and Synthetix rely heavily on Chainlink’s price feed oracles to obtain tamper-proof, accurate, real-time asset prices for their smart contracts. For example AAVE, a lending and borrowing platform, uses Chainlink price feeds to ensure the total value of the collateral in their network which directly affects interest rates and other variables within their platform. Chainlink also allows blockchain-based derivatives platforms like Synthetix to provide trustworthy on-chain valuations based on the price of both real-world and digital assets.
Chainlink can offer their high-quality price data feeds through a network of independent node operators who aggregate data to produce the Chainlink price feeds. Each price feed has an on-chain address in order to allow smart contracts to read from that address. Each price feed is maintained by the community who rely on accurate and updated price data in their smart contracts. As more users contribute to a price feed, the quality and accuracy of the price feed improves.
A list of the cryptocurrency price feeds powered by Chainlink can be found here.
$SWAP Token Integration with Chainlink Network
The integration of SWAP token into Chainlink’s price feeds provides a huge opportunity for TrustSwap to expand its services further into the DeFi ecosystem. The majority of DeFi projects are using Chainlink’s oracle service to access secure data inputs and outputs. Real-time price data related to the SWAP token can now be accessed by other major players in the DeFi space via Chainlink’s secure and reputable oracle network.
TrustSwap is excited to leverage this Chainlink integration to continue expanding in collaboration with other DeFi projects in order to provide the ideal decentralized toolkit service for its users. The SWAP price feed on Chainlink is now the quickest and easiest way for external smart contracts to interact with SWAP’s real-world market price. The price feed will be used to determine SWAP token prices allowing easy integration with other premier DeFi projects. This will allow for greater liquidity and utility for the SWAP token as well as more opportunities for the TrustSwap community.