WePiggy Lending Protocol Integrates Chainlink Price Feeds on Ethereum Mainnet
We are proud to announce our mainnet integration of Chainlink, the world’s leading decentralized oracle network, to price crypto assets in our lending market when issuing loans and checking collateralization. WePiggy will begin by leveraging the newly launched Chainlink-powered YFII/ETH Price Feed, allowing us to support the much anticipated YFII market as scheduled.
Integrating the most secure and reliable DeFi infrastructure to optimize the operations of WePiggy lending markets has always been an important goal. One of the critical pieces to WePiggy’s success is good price oracles, as they are key to issuing loans at fair market prices and keeping the protocol overcollateralized.
Now with the integration of Chainlink Price Feeds, we can obtain secure and accurate valuations for cryptocurrency assets offered in our lending markets using decentralized oracle networks that source high-quality price data. Chainlink Price Feeds are already relied on by numerous top blockchain projects like Synthetix and collectively secure nearly 10 billion dollars in on-chain assets for DeFi protocols.
About Chainlink Oracle Network
All Chainlink nodes utilized within the oracle networks are operated by professional blockchain DevOps and security teams, ensuring both reliable services and Sybil-resistance. Collectively, these Chainlink nodes source price data from numerous off-chain data aggregators like BraveNewCoin, which each take in raw data from across all trading environments, weight it by volume, and remove outliers.
Thus, the Chainlink network is able to provide WePiggy with highly accurate, available, and tamper-proof on-chain prices in a manner that’s inherently resistant to outlier events such as flash loans, high gas prices, periods of network congestion, and centralized infrastructure outages like the recent Infura incident. Ultimately, the result is WePiggy maintaining safe and reliable loan issuance and liquidation processes that are resilient to any centralized point of failure.
“With the goal of prioritizing the safety of user funds, we have been actively working to create a richer lending market, optimize the execution efficiency of smart contracts, and expand our business scope.” said Ron, the leader of WePiggy core development team. “The integration of Chainlink oracles allows us to provide users with more robust and transparent asset pricing, reducing the possibility of disputes and single points of failure. Additionally, it also allows YFII tokens to be quickly and securely integrated into more DeFi applications, enabling us to give back to YFII DAOs’ long-term support for WePiggy.”
WePiggy is an open-source, non-custodial, crypto asset lending market protocol. In WePiggy’s market, users can deposit their crypto assets to earn interest, or borrow other crypto assets by paying interest. WePiggy aims to spread the benefits of cryptocurrency’s freedom and transparency to the widest possible user community in a more friendly and simple way, as well as be a good partner for them in wealth management. WePiggy will do the best to provide you with a safe, stable, and efficient DeFi lending market.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.