Konomi Network, a cross-chain money market platform developed on Polkadot’s Substrate framework, has announced its plans to integrate Chainlink Price Feeds to ensure fair market prices for its cross-chain money markets.
Konomi Network announced the news in a blog post on Monday, March 15. Konomi Network is a new DeFi project in the Polkadot ecosystem that aims to bring assets to the ecosystem. The project is currently in the testnet phase, with the mainnet expected to be launched in Q3 of 2021 as Polkadot parachain.
Konomi is developed on Polkadot’s Substrate framework and will feature cross-chain money markets and interoperability with existing DeFi. It will allow users to trade cross-chain assets through smart contract-based liquidity protocols starting with constant product automated market makers. The project will also offer lending and borrowing services by using DOT as default collateral. It will also enable its users to manage their assets through a Konomi Wallet.
According to the team, the Chainlink integration will bring it one step closer to completing its cross-chain, Substrate-based, decentralized money market platform. To do this, Konomi needs extremely secure, precise, and frequent price data available directly on-chain so it can be referenced by smart contracts to ensure that the platform can issue and check the collateralization of loans based on real-time market conditions, keeping the protocol solvent and guaranteeing users fair market rates.
Konomi has selected the most used, battle-tested Chainlink as the go-to oracle solution for its platform that is securing over $15 billion in USD value on mainnet across leading DeFi protocols.
Ariel Ho, the founder of Konomi Network, commented:
“Providing our users with the most secure and reliable oracle solution has always been a top priority to ensure that Konomi is always relying on tamperproof, up-to-date asset valuations when issuing and liquidating loans. With our stated goal of offering our users the best decentralized and blockchain-agnostic money market platform in the industry, Chainlink will play a major role in achieving that objective, both by securing our money markets and empowering us to quickly scale our support for new assets in the future.”
According to the Konomi roadmap, the next step in Q1 2021 is to launch a Dashboard for users. In Q2, the team will launch a governance mechanism for the protocol and will partner with DeFi protocols on Ethereum. In Q3, Konomi will launch its mainnet as Polkadot parachain and implement cross-chain functionality through cross-chain bridges.
If you found this article interesting, here you can find more Chainlink News