Chainlink has entered into another strategic partnership over the integration of the platform’s ETH/USD price data.
This time around, TrustSwap will employ Chainlink’s price oracle to help determine fees for its SmartLock and SmartEscrow products. This is exciting news for the entire TrustSwap ecosystem. The integration of Chainlink’s reliable Price Reference Data will provide TrustSwap users with accurate market prices at all times.
TrustSwap has plans to become the go-to platform for smart contract payments and being a foundational layer in the DeFi space. This strategic partnership with Chainlink is a step in the right direction to achieving this goal.
Speaking on the announcement, TrustSwap CTO Adam Barlam disclosed the reasons why Chainlink was the platform’s oracle choice. He pointed out that the oracle platform was trusted and tested. Chainlink, over time, has secured $3 billion worth of assets for major DeFi platforms. Barlam further added that its ETH/USD price feed is secured by Sybil-resistant node operators and so is highly decentralized. These nodes harvest price data from autonomous “off-chain data aggregators,” thus providing reliable and secure coverage.
Another powerful DeFi combination
Both TrustSwap and Chainlink are major players in the DeFi space. Together, they make a powerful DeFi combo.
TrustSwap, since its mainnet launch about a month ago, has attracted the attention of crypto enthusiasts worldwide. Trustswap furthermore boasts of operating a decentralized and trustless platform. With this in mind, its platform’s new utilities and smart contracts hold a special appeal to members of the crypto space. The DeFi platform also aims to make crypto-based services “faster, cheaper and safer for everyone.” Subsequently, the platform aims to increase the pace of global awareness and adoption of cryptocurrencies.
Launched as a simple escrow smart contract, TrustSwap has grown into a “multi-faceted DeFi platform” over time. The DeFi platform has worked with many use cases, and it is now very interested in “helping crypto startups to launch new tokens in a way that is fair and transparent.”
TrustSwap notes that integrating Chainlink’s Price Reference Data will provide market aggregate price data. This ensures a strong and secure link between conventional markets and the DeFi space. This, in essence, will facilitate the easy spending, trading, and saving of cryptocurrency.
Backend view of the Chainlink integration on TrustSwap
Chainlink’s integration on the DeFi platform will be directed at its SmartLock and SmartEscrow products. The price data provided by the oracles will help the products determine fees which can either be paid in ETH or SWAP. All fees will be determined at a ratio dictated by the Chainlink network.
Chainlink ETH/USD Price Reference Data oracle network
Source: TrustSwap blog
Johann Eid, Chainlink product manager, disclosed that Chainlink is excited about the prospects embedded in the partnership. He added that the network looks forward to providing secure and reliable oracles on the DeFi platform, which allows TrustSwap to “provide strong guarantees to their users that they will always pay the fair market price for using SmartLock and SmartEscrow products.”
Previously, we covered a strategic partnership between Matic Network and the Chainlink oracle network.
The Altcoin Buzz YouTube channel recently covered a partnership announcement between TrustSwap and FalconSwap.