C.R.E.A.M. Finance announced a new integration regarding oracle services. They have chosen Chainlink as their primary oracle solution provider and will integrate their price feeds into the network.
Chainlink provides reliable, secure price data for many blockchain projects on Ethereum mainnet. They currently offer price data to C.R.E.A.M. for many markets like LINK, COMP, YFI, BUSD, USDT, USDC, UNI, and AAVE.
Reliable Price Data for Lending and Exchange Use-Cases
Oracles are critical components in the DeFi ecosystem. Chainlink is one of the leading ones working with many DeFi products to connect them to off-chain and on-chain data sources. C.R.E.A.M. Finance offers lending and exchange services and needs a reliable price data solution. Their new partnership with Chainlink can help them attract more users by focusing on this security feature.
The new partnership with Chainlink immensely helps Cream in connecting to off-chain data sources. According to their blog post:
“C.R.E.A.M. is committed to working alongside other DeFi blue chips to build the most robust set of infrastructure to support its lending and borrowing markets. Hence, we are pleased to now use Chainlink’s market-leading decentralized network of price oracles to leverage high-quality off-chain pricing data for calculating the current volume-adjusted market prices of assets.”
DeFi products connect oracles to their smart contracts. The data coming from oracles triggers the smart contracts, and the automatic process will be kept. The oracle solution of Chainlink is fully decentralized and assures the customers regarding Sybil-resistant features.
Platforms like Cream that work on lending, staking, and exchange services, need accurate price data for their liquidation processes. Working with Chainlink, Cream is sure that users will receive fair rewards. According to the announcement:
“Chainlink ensures that C.R.E.A.M. has access to the most robust and accurate price data in order to maintain a safe and reliable liquidation process, even during outlier events such as flash loans, high gas prices, periods of network congestion, and centralized infrastructure outages like the recent Infura incident.”
The partnership between Cream and Chainlink has a benefit for LINK holders, too—the integration results in a new service for them. LINK holders can now receive service from Cream by collateralizing their tokens.
Partnerships like the recent one between C.R.E.A.M. Finance and Chainlink benefit the whole DeFi community. Not only the DeFi platform will be sure about providing more efficient services, but token holders will also have ease of mind when investing.
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