ThirdFi Bolsters Ecosystem with Chainlink Integration
May 23, 2023
We’re excited to announce that ThirdFi, a web3 finance middleware with API solutions, a multi-chain relayer, and cross-chain infrastructure has integrated Chainlink Price Feeds on Ethereum, BNB chain, Arbitrum, Optimism, Polygon, Avalanche mainnet. By integrating the industry-leading decentralized oracle network, ThirdFi has access to high-quality, tamper-proof price feeds needed to provide REST API and websocket to retrieve the latest and trustworthy price feed from decentralised sources. This will provide our users with stronger assurances that in accessing highly accurate and reliable price data for a wide range of digital assets.
Our initial integration involves the use of the following Chainlink Price Feeds: The list tokens supported on Ethereum, BNB chain, Arbitrum, Optimism, Avalanche, Polygon in Chainlink. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
With this integration, ThirdFi is now able to:
Provide websocket to access real-time, and accurate price feeds across different chains (Ethereum, BNB chain, Avalanche, Polygon, Arbitrum and Optimism)
Allow developers to retrieve the current price of crypto pairs supported with REST API
In order to help secure ourtrustworthy price feeds, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
- 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.
“By integrating Chainlink’s price oracle into ThirdFi’s ecosystem, we’re providing developers with access to the most reliable and secure source of decentralized pricing data available. This integration will allow us to build a more robust and trustworthy platform that will benefit our users and the broader DeFi community,” quoted SoonLai Mah, CTO of ThirdFi.
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
ThirdFi is a web3 infrastructure protocol focusing on multi-chain interoperability and middleware solutions with all-in-1 API. ThirdFi believes the future of finance will be powered by blockchain technologies and will focus on building innovative and easy-to-use solutions that prioritize accessibility, transparency, and best-in-class products for developers, fintech, and financial institutions.
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API Reference: https://thirdfi.readme.io/reference/price-oracle-overview