Polkadot’s oracle parachain Paralink Network has partnered with Deficliq, a lending platform that offers both collateralized and uncollateralized loans, to integrate its oracle service with the lending platform.
Paralink announced the news in a blog post on Monday, April 19. Through this collaboration, Paralink’s oracles will be integrated with Deficliq’s platform to ensure the accuracy of data sources obtained by its smart contracts.
Paralink, based on Polkadot’s Substrate framework, is a parachain with oracle quorums for Polkadot, providing reliable and trustworthy data sources to other parachains, such as real-time price feeds for decentralized markets. The platform offers a multi-chain oracle platform for DeFi and other blockchain applications. As a multi-chain oracle service, Paralink collects, interpolates, and validates real-world data set and injects them into the smart contracts on platforms like Ethereum as well as Polkadot.
Blockchain applications such as prediction and derivatives markets require these as any corruption in price data can result in large financial losses. The on-chain consensus algorithm of Paralink ensures a high-level accuracy of data that will ensure exceptional reliability in the platform.
DeFicliq, built on Polkadot’s Substrate framework, is the first DeFi lending platform to provide both collateralized and uncollateralized loans through both p2p and traditional ways, with features like DAO, staking, interoperability. Deficliq offers investors the possibility to diversify and distribute their risks over multiple tiers.
To provide the best available to its users and ensure the efficiency and security of the platform, it is necessary to have accurate and reliable price feeds. Deficliq has selected Paralink for this purpose.
Paralink’s announcement reads:
“This partnership with Paralink will ensure that the real-time data feeds obtained by Deficliq are accurate and reliable. Not only will this increase the efficiency of the platform but steer it towards wider adoption.”
In a separate announcement, the Deficliq team said:
“Despite the fact that the blockchain and defi space is still at a very nascent stage, we continually try and deliver the most beneficial decentralized finance experience to our community. Therefore, we firmly believe that our partnership with ParaLink is undoubtedly a very crucial step in our journey ahead.”
Polkadot is experiencing rapidly growing DeFi activity on its platform. With that, demand for price feeds oracles is also growing as DeFi applications require a trusted source of pricing data so they work as intended. One of the largest oracle networks is Chainlink and Parachain may prove competitior to Chainlink.
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