In response to an official announcement on Wednesday, UPFI Community has included Chainlink Value Feeds into the Solana mainnet.
.@upfi_network has built-in #Chainlink Value Feeds on @solana to assist calculate the collateral worth for its partially collateralized, partially algorithmic stablecoin.
Discover why that is necessary for stablecoin mints and redemptions ⬇️https://t.co/eXOXsuub9P
— Chainlink (@chainlink) June 8, 2022
Gentle-pegged to the U.S. greenback, UPFI is a partly collateralised and partially algorithmically stablecoin platform. The protocol’s goal is to take care of steady pricing for the platform’s stablecoin.
Chainlink Value Feeds are open-source, decentralised knowledge feeds which were battle-tested in manufacturing and are being utilized by most of the most distinguished apps within the decentralised finance (DeFi) ecosystem.
On the UPFI Community, two tokens are utilised as collateral: USDC and UPS. When a consumer mints UPFI by depositing USDC and UPS, USDC is locked within the protocol and UPS is burned. Conversely, when customers redeem UPFI for the underlying collateral, they obtain their USDC deposit again, and the protocol mints UPS. This dual-collateral construction, along with the redemption course of, helps preserve the soundness of UPFI’s worth.
Now, the Preliminary integration requires the utilization of the Chainlink USDC/USD Value Feed, which is referenced for all mints and redemptions.
UPFI acknowledged that after evaluating a number of blockchain oracle options, they selected Chainlink Value Feeds. The explanations behind which can be Chainlink’s high-quality knowledge with broad market protection, sturdy oracle infrastructure, and varied on-chain monitoring techniques that allow customers to confirm the integrity and efficiency of oracle networks.
UPFI Community now has entry to the strong market knowledge required to take care of the peg of its stablecoin UPFI, due to the incorporation of Chainlink Value Feeds.
Commenting on this collaboration, Harry Nguyen, Founding father of UPFI community commented:
“We’re excited to have built-in Chainlink Value Feeds. Excessive-quality, tamper-proof worth knowledge is crucial to serving to us safe our UPFI stablecoin and Chainlink is, doubtless, the best-in-class oracle community.”
What makes Chainlink Value Feeds so helpful?
A number of the most necessary elements of Chainlink Value Feeds that make them preferable to different choices are:
Sturdy knowledge: Chainlink Value Feeds sources knowledge from lots of of exchanges by sourcing a number of premium knowledge aggregators. The info aggregation methodology of Chainlink delivers correct worldwide market costs which can be resistant to trade outages, flash crash outliers, and knowledge manipulation makes an attempt.
Low deviation updates: Chainlink Value Feeds working on Solana can execute low deviation pricing updates at minimal expense, leading to correct worth knowledge representing present market circumstances.
Strong infrastructure: Chainlink Value Feeds leverage decentralised networks {of professional} node operators managed by famend blockchain DevOps groups and traditional corporations with a confirmed observe file of uptime amid market turbulence.
