BarnBridge Sponsoring Two New Chainlink Price Feeds to Support BOND’s Seamless Integration Within DeFi
BarnBridge is excited to announce that we have sponsored two new Chainlink Price Feeds for BOND/ETH and BOND/USD, empowering other DeFi projects to easily add support for our native governance token BOND. Backed by high-quality data and time-tested oracle infrastructure, Chainlink’s decentralized price oracles will further the adoption of BOND throughout DeFi.
BarnBridge is initially sponsoring the BOND/ETH Price Feed on Ethereum, while the BOND/USD Price Feed has launched on Polygon. This represents the first step in a long-term integration with the Chainlink Network, which we’re excited to share more about in the coming weeks.
What is BOND?
BOND is the governance token of the BarnBridge DAO. The BarnBridge DAO coordinates the continued development of our suite of DeFi applications, as well as how fee revenues and treasury resources are allocated. Because BarnBridge has no formally incorporated entity in any jurisdiction, staking the BOND token in the BarnBridge DAO is the only mechanism used to govern the network.
With Chainlink Price Feeds in place, it will be possible for other projects to integrate BOND directly into their DeFi platforms:
- On-chain asset management platforms like Enzyme Finance rely on Chainlink Price Feeds to accurately report the Net Asset Value of the portfolios they host
- Synthetic derivative protocols like Synthetix require real-time price information to ensure that traders have confidence in the integrity of the system
- DeFi aggregators like Zapper provide users with accurate estimates of gas costs and outcomes as provided by Chainlink oracles
Chainlink provides the infrastructure necessary to further our integration with the broader DeFi landscape — whether this allows asset managers to participate more easily in BarnBridge or simply onboard more users to our community.
Why We’re Supporting Chainlink Price Feeds
After reviewing various oracle solutions, we chose to sponsor Chainlink Price Feeds because they provide a multitude of critical features required to effectively secure on-chain financial assets. These features include highly secure and reliable data feeds, a tamper-proof node operating framework, and a decentralized network without single points of failure. Here are some more details as to why we decided to use Chainlink:
- 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 from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- 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 for 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 — 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.
To learn more about Chainlink Price Feeds, you can refer to their documentation here.
“By sponsoring the launch of two new Chainlink Price Feeds for the BOND governance token, DeFi protocols on Ethereum and Polygon can easily add support for BOND using Chainlink’s high-quality, tamper-proof price reference data,” stated Troy Murray, Co-Founder of BarnBridge. “The Chainlink Network is the industry-standard oracle solution, and we look forward to expanding our use of their decentralized services as we launch new products.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
BarnBridge is a tokenized risk protocol. We build derivative products that allow users to manage exposure to fluctuations in interest rates, market prices, predictive market odds, loan default rates, commodity prices, and a seemingly infinite number of market-based fluctuations.
We are creating the first cross-platform derivatives protocol for any and all variable fluctuations that could affect the value of an asset.
Learn more about us here:
BarnBridge Sponsoring Two New Chainlink Price Feeds to Support BOND’s Seamless Integration Within… was originally published in BarnBridge on Medium, where people are continuing the conversation by highlighting and responding to this story.