The Force Protocol announced a new partnership with Chainlink to provide its oracle solutions to DeFi developers. The decentralized price feeds from Chainlink will guarantee secure and stable data source for DeFi applications within the Force Protocol.
“The Force Protocol is integrating Chainlink to power DeFi [email protected] Chainlink provides price feed oracles in a decentralized manner, ensuring a secure and stable data source of token asset values to power DeFi application of the Force Protocol,” tweeted the Force Protocol.
Decentralized Oracle Helping Crypto-Open Financial Protocols
The Force Protocol provides the tools and services needed to make blockchain-based financial protocols. It has a crypto-open financial platform that consists of four parts named ForTube Bond, ForTube Bank, ForTube Qian, and ForTube Exchange. It provides tools for individuals and enterprises seeking investment, financing, and cryptocurrency transaction services.
The primary services in the Force Protocol rely on collateral management and some kinds of smart contracts. This means the service has to connect to other sources for price data and to monitor the change in crypto assets.
“The Force Protocol will use the Chainlink oracle network to calculate the value of collateral assets to create bonds, calculate the collateralization ratios, trigger conditions for supplementary collateral, and trigger conditions for collateral liquidations, among other uses.” According to Force Protocol.
The Force Protocol tries to grow its partnership with Chainlink next to the new integration. Anyway, adding a new partner like this protocol for Chainlink is useful enough for growing the oracle community.
The Force Protocol team conducted some research to find the best oracle solution for the DeFi product. They rejected some options because of over-centralization, inadequate security, and low data availability. Chainlink’s oracle, with its decentralized nature, provides more security and functionality for them.
Seamon Liu, CTO of The Force Protocol, says,
“The core business characteristics of our DeFi application make the Chainlink oracle system an indispensable technical requirement. Its security, stability, and decentralization meet our fundamental needs perfectly. Going forward, we will find new ways to implement Chainlink at the technical level, and will actively participate in the growth of the Chainlink ecosystem.”
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