Thursday, June 1, 2023

LBank Merges Chainlink Price Feeds


LBank Exchange, a world-class digital asset trading platform, has integrated Chainlink Price Feeds, according to the developers.

The exchange will have access to high-quality, tamper-proof price feeds essential for secure perpetual futures trading. This assures clients that LBank futures pricing is based on solid market data.

It chose as its preferred oracle solution due to its ease of integration and field-proven infrastructure.

Chainlink already helps secure top DeFi protocols, which protect tens of billions of dollars in smart contract value. Exchange failures, flash crashes, and data alteration attempts via flash loans do not affect its security or availability.

LBank Exchange Platform

Since 2015, LBank Exchange has provided a safe, innovative, and trustworthy environment for crypto traders.

Used mark price to avoid unfair and unwarranted liquidations during situations of significant price volatility.

However, because prominent exchanges tend to reference each other’s pricing. There is a risk that these prices will become unreliable in unstable markets.

They wanted access to fresh asset prices that give immediately on-chain in a highly dependable manner to assist safeguard their perpetual futures trading process for customers.

An overall volume-weighted average of all trading settings should use to value assets. Instead of relying on recursive centralized feeds, they wanted an oracle network to collect aggregated price data securely.

The Partnership

LBank Exchange decided to incorporate Chainlink Price Feeds after analyzing a number of oracle solutions. They provide a number of important features.

One is high-quality data. We acquire our data from premium data aggregators. Which gives us pricing data from hundreds of exchanges, weighted by volume and free of outliers and wash trading.

Chainlink’s data aggregation technique generates more precise global market pricing immune to exchange errors or manipulation.

Secure Node Operators are another option. Autonomous, safe, and Sybil-resistant oracle nodes run by premier blockchain DevOps teams, data providers, and traditional organizations protect Chainlink Price Feeds.

Even during high gas prices and infrastructural failures, Chainlink nodes have proven to be dependable.

The fourth feature is the Decentralized Network. Chainlink Price Feeds decentralizes at the data source, oracle node, and oracle network levels, providing effective defenses against data provider or oracle network outages and tampering.

Finally, there’s the Reputation System. Using Chainlink’s reputation system and on-chain monitoring tools, users can independently verify node operators’ and oracle networks’ performance.

Leverage and other financial derivatives such as leverage will soon use widely in the new system. Which will update from mark price to fair market pricing via Chainlink.

LBank Exchange will be able to give users new investment options and services with more exact asset value evaluation by connecting with Chainlink.

Christina Jones
Christina Jones
Christina Jones is the owner and CEO of Cryptoconstellation Before starting Crytpoconstellation, Christina spent ten years as an Editor in Chief at a well-known publishing house, Editorial Planeta SL, in Madrid.

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