Dexfolio is Integrating Chainlink Price Feeds to Provide Users Reliable Global Asset Prices
Dexfolio is proud to announce that we are integrating the industry-leading Chainlink Price Feeds to add reliable asset tracking to the suite of analytics tools on our mobile app. By integrating Chainlink Price Feeds, users tracking their portfolios will be able to access highly secure and reliable benchmarks that reflect an aggregation of prices across centralized and decentralized exchanges — helping level up the data available to users in the Dexfolio app. Most notably, users can compare the prices of an exchange against Chainlink Price Feeds when making various portfolio decisions.
Let’s take a deeper dive into how Chainlink Price Feeds works and their benefits to Dexfolio.
How Do Smart Contracts Work?
Back when blockchains were just a concept, developers started to think about how decentralized transactions could take place without a trusted third party, such as a bank. They achieved this by building special codes into the chain, where if an agreement between two parties was formed and the conditions were fulfilled, the transaction would automatically take place. These conditional transactions running on the blockchain became known as smart contracts.
What is a Decentralized Oracle?
A decentralized oracle network (DON) is an important part of any smart contract ecosystem like DeFi. DONs enable smart contracts to access and use information from outside the native blockchain they run on.
DONs don’t rely on a single source of information or use a single node to fetch and relay external data to the blockchain. Instead, they use a decentralized network of oracle nodes to fetch information, such as from an API or different blockchain. The nodes then aggregate the information they gather to form a single trust response delivered to the blockchain.
Once on-chain, the smart contract can use the data to trigger its logic, such as a decentralized lending/borrowing market referencing a price feed to calculate a user’s borrowing capacity before issuing a loan. Therefore, a decentralized oracle network is regarded as more trusted and reliable than a centralized oracle.
Chainlink is the blockchain industry’s most widely used and time-tested decentralized oracle network. Chainlink offers several pre-built services, including Chainlink Price Feeds — decentralized oracle networks that provide precise, tamper-proof price data on-chain for DeFi apps, helping secure tens of billions of dollars in value for leading DeFi protocols.
How Integrating Chainlink Price Feeds Benefits Dexfolio Users
While there are plenty of pitfalls in the world of smart contracts, Dexfolio is aiming to reduce these by building an application that harnesses the power of Chainlink. By having access to Chainlink Price Feeds, Dexfolio users are in the enviable position of having up-to-date and reliable price information at their fingertips on a wide range of top assets.
Chainlink Price Feeds will be displayed alongside individual DEX prices within the Dexfolio app. Users will then be able to choose which data they want to see on the app. Users can also compare token prices paid on individual DEXes with the broader market prices of Chainlink — allowing users to make efficient, informed decisions about which exchange to use.
As an added feature, users will be able to choose to receive Chainlink-powered asset prices instead of the DEX prices for supported assets, removing the user’s reliance on any single exchange for price data and portfolio value and replacing it with highly accurate price data sourced from multitudes of data sources.
Some of the key design choices behind the success of Chainlink price Feeds include:
- 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 from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- 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 for reliability, even during high gas prices and extreme network congestion.
- 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 the oracle network.
- Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
Dexfolio will leverage Chainlink to provide our users with accurate, decentralized price feeds that are widely used throughout DeFi, increasing flexibility and decision making within the Dexfolio app. Chainlink Price Feeds are a valuable addition to our premium suite of analytics tools, and we are proud to offer users the benefits of this integration.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
At Dexfolio, we believe in people-first technology, which is why we created our industry-leading mobile app. Our mantra has always been actionable intelligence to enable easy task management for our users, and our focus has been on creating superior UI/UX.
We created our mobile-first app specifically designed to make crypto tracking easy. With our flagship Intelligent Alerts system, tracking multiple tokens is simple, and the ability to connect unlimited wallets adds to its user-friendly functionality.
Dexfolio is truly decentralized, with stakers holding 5% or more voting power able to create proposals for community voting. In addition, visitors can farm their LP tokens and participate in governance.
Dexfolio is also proud to work with other industry leaders to offer SaaS solutions for tracking. We are working closely with Lithium Ventures to provide live tracking for fund investors and new partnership opportunities are emerging for the future.