DeFiner announced a new integration in the mainnet. Chainlink is the latest partner to the DeFiner to provide oracle solutions for DeFi saving accounts and P2P lending market in DeFiner.
Integrating Chainlink oracle will connect DeFiner saving accounts to fie price reference data feeds. DeFiner’s saving account is a liquidity pool in the decentralized lending platform. It can now provide accurate prices to users looking for cryptocurrency loans. The overall lending system will work automatically, and users will trust it better.
DeFiner focuses on decentralized financial services. The initial plan is to launch a lending platform.
“Depositors and borrowers both accumulate interest over time, which is earned by lenders and paid by borrowers. This platform is broken down into two products: a digital asset savings account (made up of lenders) and a peer-to-peer lending marketplace (for supplying borrowers),” according to DeFiner.
Most of the decentralized lending and borrowing platforms rely on smart contracts to offer services. They need to connect to data sources to calculate the real value of savings and interests. Oracle solutions are the best answers for this process. Some platforms develop an in-house oracle, while others rely on third-parties like Chainlink. Chainlink has experienced significant growth in user attraction in the past months, because of its diverse offerings and the decentralized nature of the services.
The initial integration phase includes support for ETH and some other ERC20 tokens like DAI, USDC, USDT, BAT, and ZRX. Because Chainlink uses a decentralized system both in node and data level, DeFiner engineers have ease of mind regarding a single point of failure.
“DeFiner’s mission is to provide the safest and highest-return DeFi lending solution in the industry,” said DeFiner Founder and CEO Jason Wu. “The integration of Chainlink strengthens our DeFi savings smart contract by making sure that all assets held within are highly secure, using robust and transparent decentralization. We look forward to working with Chainlink to continue expanding our liquidity pools to provide users with a greater selection of assets and financial services.”