UPFI Network integrates Chainlink Price Feeds on Solana for stablecoin operations

UPFI Network integrates Chainlink Price Feeds on Solana for stablecoin operations

In response to an official announcement on Wednesday, UPFI Community has included Chainlink Worth Feeds into the Solana mainnet.

.@upfi_network has built-in ​​#Chainlink Worth Feeds on @solana to assist calculate the collateral worth for its partially collateralized, partially algorithmic stablecoin.

Discover why that is necessary for stablecoin mints and redemptions ⬇️https://t.co/eXOXsuub9P

— Chainlink (@chainlink) June 8, 2022

Delicate-pegged to the U.S. greenback, UPFI is a partly collateralised and partially algorithmically stablecoin platform. The protocol’s goal is to take care of steady pricing for the platform’s stablecoin.

Chainlink Worth Feeds are open-source, decentralised knowledge feeds which have been battle-tested in manufacturing and are being utilized by most of the most distinguished apps within the decentralised finance (DeFi) ecosystem.

On the UPFI Community, two tokens are utilised as collateral: USDC and UPS. When a person mints UPFI by depositing USDC and UPS, USDC is locked within the protocol and UPS is burned. Conversely, when customers redeem UPFI for the underlying collateral, they obtain their USDC deposit again, and the protocol mints UPS. This dual-collateral construction, along with the redemption course of, helps preserve the steadiness of UPFI’s worth.

Now, the Preliminary integration requires the utilization of the Chainlink USDC/USD Worth Feed, which is referenced for all mints and redemptions.

UPFI said that after evaluating a number of blockchain oracle options, they selected Chainlink Worth Feeds. The explanations behind which might be Chainlink’s high-quality knowledge with broad market protection, sturdy oracle infrastructure, and numerous on-chain monitoring programs that allow customers to confirm the integrity and efficiency of oracle networks.

UPFI Community now has entry to the stable market knowledge required to take care of the peg of its stablecoin UPFI, due to the incorporation of Chainlink Worth Feeds.

Commenting on this collaboration, Harry Nguyen, Founding father of UPFI community commented:

“We’re excited to have built-in Chainlink Worth Feeds. Excessive-quality, tamper-proof worth knowledge is essential to serving to us safe our UPFI stablecoin and Chainlink is, no doubt, the best-in-class oracle community.”

What makes Chainlink Worth Feeds so helpful?

Among the most necessary points of Chainlink Worth Feeds that make them preferable to different choices are:

Sturdy knowledge: Chainlink Worth Feeds sources knowledge from lots of of exchanges by sourcing a number of premium knowledge aggregators. The info aggregation methodology of Chainlink delivers correct worldwide market costs which might be proof against change outages, flash crash outliers, and knowledge manipulation makes an attempt.

Low deviation updates: Chainlink Worth Feeds working on Solana can execute low deviation pricing updates at minimal expense, leading to correct worth knowledge representing present market circumstances.

Stable infrastructure: Chainlink Worth Feeds leverage decentralised networks {of professional} node operators managed by famend blockchain DevOps groups and standard corporations with a confirmed observe report of uptime amid market turbulence.

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