Offshift is the new partner for Chainlink. They will use the oracle feed for their zkAsset private pegs. The new integration will help Offshift provide off-chain price data to its private DeFi, storage, and staking protocol.
The Chainlink oracle will give the users access to real-time price data of their collaterals. So they can mint, burn, and trade their zkAsset at fair market value.
The new integration for Offshift is now live on the Rinkeby testnet that runs on Ethereum. Offshift’s primary service is called shifting that helps users swap XFT (an ERC-20 token) with asset-pegged zkERC-20 tokens. The first phase of Chainlink integration includes BTC/USD, and XAU/USD price feeds now live on the testnet.
Chainlink has enjoyed considerable growth in its customer base in the past months. Many DeFi projects had tapped to their solution to provide accurate, reliable, and secure data from on-chain and off-chain sources to users and developers. The new integration is another step forward for them.
Providing accurate and real-time price data to the trading platform’s users is critical for Offshift. They have to be somehow connected to a trusted network of sources to access that data.
“Privacy is a core human right, and DeFi users should have the ability to obtain privacy for their financial transactions on the blockchain. We’re thrilled to bring privacy to the DeFi ecosystem thanks to an integration with Chainlink, which ensures that Offshift assets are minted, burned, and pegged according to the fair market value as reported by Chainlink’s secure and reliable aggregated data feeds,” said Johnny, Project Lead at Offshift.
Offshift provides DeFi and decentralized storage solutions to users. It tries to offer a private/public protocol that helps traders get access to the trustless network. zkAssets, the proprietary token solution from Offshift, are pegged to digital and real-world assets. They needed oracles to show the most accurate price of each pegged assets and decided to use Chainlink.
“After surveying the oracle solutions available on the market, the Offshift team made the decision to make Chainlink its exclusive provider of oracle price feeds, ensuring our zkAssets are highly secure and reliable DeFi products.”
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