WiseSoft will integrate Chainlink price feeds to power its suite of DeFi services on Binance Smart Chain (BSC) and Polkadot.
According to an announcement made by WiseSoft on Monday, May 17th, Chainlink price feeds will initially be used to issue fair market loans and secure its liquidation mechanism in the Wise lending and borrowing platform.
WiseSoft, based in Los Angeles, is behind the development of Wise Token, an Ethereum and BSC-based cryptocurrency. According to the company, Wise Tokens are “asset-backed utility tokens on Ethereum and Binance Smart Chain serviced by a full suite of financial tools, such as Staking, Lending, Leveraged Lending, Borrowing, Liquidity Providing, and Profit sharing, to name a few.”
The Wise platform’s flagship release was ETH and BNB-backed ownerless liquidity pools that have seen a huge success. Now the company is working on launching a suite of DeFi services on Ethereum and Binance Smart Chain (BSC). The initial product will be a lending and borrowing service that allows WISE and WISB token holders to use interest-earning staked assets as collateral for borrowing almost any cryptocurrency or stablecoin.
On Monday, May 17th, WiseSoft has also announced that its lending and borrowing smart contracts are set to come in Q4 of 2021. The upcoming integration of Chainlink price feeds is part of this product expansion. The Wise lending and borrowing smart contract will utilize Chainlink Price Feeds to determine the real-time value of assets, enabling it to issue fair market loans and secure its liquidation mechanism.
Through this upcoming Wise lending DeFi platform, users will be able to securely borrow against specific whitelisted tokens and safely lend various crypto assets in exchange for interest. Furthermore, users will also be able to leverage their lending amount to earn additional interest.
According to WiseSoft, The Chainlink integration is an instrumental upgrade to support Wise’s ecosystem expansion, as it connects Wise’s lending and borrowing smart contract to on-chain price feeds that are up-to-date, accurate, and tamper-proof and will ensure safety from a variety of unexpected situations like API downtime, flash crash outliers, and data manipulation attacks like flash loans.
Peter Girr, co-founder and CEO of WiseSoft, commented:
“Integrating with Chainlink, the most time-tested and provably reliable oracle service in the blockchain industry is a crucial step for our team if we are to successfully introduce our lending and borrowing contract. This is one of many major developments coming to the Wise ecosystem in 2021, and probably the development I am looking forward to the most.”
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