WePiggy Lending Protocol Integrates Chainlink Price Feeds on Harmony Mainnet
We’re excited to announce that WePiggy has integrated Chainlink Price Feeds on Harmony mainnet. By integrating the industry-leading decentralized oracle network, WePiggy has access to high-quality, tamper-proof price feeds needed to price crypto assets in our lending market when issuing loans and checking collateralization. This will provide our users with stronger assurances that their collateral assets will consistently track global markets and won’t be affected by price manipulation.
Our initial integration involves Chainlink Price Feeds for the following assets: ETH, WBTC, ONE, DAI, USDC and USDT. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
WePiggy focuses on building an open-source, non-custodial crypto-asset lending market protocol that helps users realize asset appreciation and maximize utilization across many blockchain networks.
In order to help secure our lending markets, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- High Update Frequency — Chainlink Price Feeds can perform frequent price updates at minimal costs on Harmony, resulting in precise price data that consistently reflects current market conditions.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
WePiggy actively creates a more diverse lending market and expands more dimensions of its business logic on the premise of giving priority to funding security. Chainlink provides reliable and secure services to help ensure that the WePiggy lending platform can expand and diversify DeFi on Harmony and grow the overall DeFi on Layer 2 ecosystem.
In addition, under the WePiggy multi-chain deployment plan, WePiggy is live or working to launch on Ethereum, OEC, BNB Chain, Polygon, Huobi Eco Chain, Arbitrum, Optimism, Moonriver, Harmony, Oasis and various other innovative public and Layer-2 networks. On this path, WePiggy will always choose Chainlink as its first-choice Oracle provider.
“The integration of Chainlink Price Feeds allows us to provide users with more robust and transparent asset pricing, reducing the possibility of disputes and single points of failure. Chainlink is also blockchain agnostic, and already live on many of WePiggy’s target chains, simplifying the development requirements to scale WePiggy.”
– Ron Zheng, Founder, and CEO of WePiggy
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.