Powered by the KyberNetwork, the decentralized exchange KyperSwap has announced an integration with Chainlink. Going forward KyberSwap will be using Chainlink Price Reference Data along with the existing Kyber Network feed.
With this KyberSwap becomes the third DeFi platform in the month of June to integrate Chainlink’s price feed.
According to the press release shared with Altcoin Buzz, this price data from Chainlink will be used to update the asset prices on KyberSwap. As a matter of fact, this integration will enhance the price data for the traders. That’s because it will allow users to verify the price of assets on-chain while performing a token swap.
Sunny Jain, Head of Product, KyberSwap said, “KyberSwap is glad to work with a reputable project like Chainlink and its decentralized oracle network to provide reliable price feeds for our non-custodial token swap platform and improve the overall trader experience.”
Enhancing security and reliability
Currently, KyberSwap uses the price feeds from the KyberNetwork exclusively. The platform always recommends its users to refer multiple price feeds while swapping tokens. This is to ensure that the traders get the most accurate market rate.
By integrating Chainlink’s price feeds, the platform has now enhanced its reliability of key price feeds. This is crucial as users depend on these price feeds to calculate the slippage rates. Apart from that, the Chainlink integration protects the traders on Kyberswap against any price manipulation.
Johann Eid, the project Manager on Chainlink shared, “We’re excited to integrate Chainlink Price Reference Data with KyberSwap to bring more security and reliability to the price feeds their traders rely on for calculating slippage.”
Kyber Network currently supports over 70 ERC20 tokens and the platform recently announced that it will run an Automated Price Reserve for the Quant Network token.