In an announcement on Tuesday, February 2nd, Bifrost said that it had integrated Chainlink’s price feeds to provide a provably secure and reliable price oracle backed by highly-quality data to make BiFi a robust multichain DeFi platform.
According to the announcement, BiFi’s lending protocol currently leverages ETH/USD, LINK/USD, USDT/USD, and DAI/USD price feeds to price collateral during loan issuance and liquidation processes.
Bifrost said that the explosion of DeFi platforms in 2020 led to a spike of DeFi exploits, specifical manipulation of centralized and/or single-source price oracles via flash loans. The hundreds of millions stolen in these attacks highlight the vulnerability of DeFi protocols that do not use secure price oracles. So, to make the platform secure from DeFi exploits, the Bifrost team has chosen Chainlink’s widely used decentralized oracle network that enables smart contracts to securely access and aggregate off-chain data feeds.
The teal has plans to integrate additional Chainlink Price Feeds in the upcoming months, such as for new assets like BNB, DOT, KLAY, and BTC. To celebrate the integration, BiFi has announced a giveaway of 1000 BFC_K to 10 lucky winners each. The event has started yesterday and will end on February 8th.
With the DeFi, there is always growing demand for Chainlink’s price feeds oracles. These are not only the blockchain-based DeFi that are using Chainlink oracle services, but traditional data aggregation platforms are also using Chainlink to jump into this growing DeFi market.
Dohyun Pak, CEO of Bifrost, commented:
“Chainlink places academic research and development at the forefront to realize the vision of creating a truly secure DeFi environment. We are excited to see their recent third-generation Oracle network upgrade, OCR, that will provide both security and scalability to DeFi applications. Bifrost and BiFi will utilize these powerful components of Chainlink to provide users with robust and practical financial services at an accelerated go-to-market pace.”
Daniel Kochis, Head of Chainlink Business Development, said:
“We’re thrilled to empower BiFi to secure and grow its DeFi platform by providing them with secure and reliable Chainlink oracles. Chainlink’s high-quality data and time-tested decentralized infrastructure ensure BiFi applications are able to launch new DeFi markets in a quick and easy manner while still thoroughly protecting user funds against price oracle attacks and network downtime.”
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