Security on Linear Finance to receive a boost as the delta-one asset protocol announces a strategic integration of Chainlink reliable price feeds.
Linear Finance (LINA) users will now enjoy top-notch, reliable, and accurate prices while carrying out transactions on the protocol. This means that LINA protocol users will be able to mint, swap, liquidate, and redeem their synthetic assets with up-to-date market prices.
Integrating Chainlink price feeds is a step in the right direction for Linear Finance and its goal of becoming a major player in the blockchain space. Upgrading to Chainlink price feeds on Binance Smart Chain (BSC) will also provide Linear users with the needed assurance to trade or swap assets with confidence.
Why Chainlink Price Feeds?
According to a press release shared with Altcoin Buzz, Chainlink price feeds is the preferred oracle platform for a number of reasons. For one, the oracle platform boasts of an unparalleled track record of providing secure, reliable, and top-notch price feeds. A record it holds even during periods of serious scalability issues and exorbitant gas prices. It is also truly decentralized, has secure node operators, ensures high-quality data, and has an economy of scale effect.
Speaking on this, co-founder of Linear, Drey Ng, disclosed that the integration with Chainlink was in response to the need to improve Linear’s “[…] oracle solution to meet increased demand in data security from the growing platform adoption.” He added that the integration will also help instill “[…] greater confidence in the Linear community during extreme market volatility.” Users will also enjoy much-needed assurance that “[…] all on-chain functions will consistently be in total synchronization with global financial markets.”
The upgrade to Chainlink price feeds on BSC will include 17 different price feeds. Therefore, providing users with the opportunity to scale up more crypto assets. Interestingly, all of the 17 integrated price feeds are on Binance Smart Chain. This means that users will have access to these feeds at a faster rate and at lower costs. They will also not need to rely on other blockchain platforms.
Also, each of the 17 price feeds will enjoy complete market coverage. This means that the price feeds will be immune to all forms of attacks like API failures, data manipulation (flash loans), flash crashes, etc.
More about the integration
As previously stated, the integration with Chainlink will help secure Linear Finance (LINA). Linear Finance is a well-known synthetic asset platform. To efficiently carry out its network functions, the protocol requires the services of a reliable price data feed. Hence, its integration with Chainlink. Reliable price data has to reflect global, real-time exchange rates. It also has to be decentralized and not subject to the hurdles of centralized price feeds.
At the time of publication, LINA was trading at $0.03977061, with a market cap of $117,546,322 and a 24-hour trading volume of $16,110,820. The token price is also up by 14.7% in the last 24 hours.
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