Tranchess Using Chainlink Oracles To Create Custom Price Feed for New BNB Fund
We are excited to announce that Tranchess has successfully integrated Chainlink Price Feeds on Binance Smart Chain. By integrating Chainlink’s industry-leading decentralized oracle network, there is now instant access to high-quality, tamper-proof price data. This also effectively allows our new BNB fund to better utilize the 30-minute TWAP when settling trades on Tranchess Swap moving forward, which would further improve reliability as well as time savings.
Tranchess has always been known for its emphasis on security. We have adopted multiple ways to strengthen the protocol’s safety and the 30-minute TWAP is one of our unique defense mechanisms. We chose Chainlink, the most widely used and time-tested decentralized oracle network in the blockchain industry, as a smooth and steady price feed was a prerequisite to this particular design. Chainlink Price Feeds are well known for having wide market coverage and robust oracle infrastructure that’s proven highly resilient during extreme market volatility and network congestion; it’s already helping secure 80B+ in TVL for DeFi protocols across leading blockchains and it should come as no surprise as a natural selection for Tranchess.
Tranchess Swap is a function specifically designed for the Tranchess ecosystem, where users can swap between QUEEN, BISHOP, ROOK and USDC to take advantage of the provided asset allocation flexibilities. With the integration of the Chainlink Price Feed, we will be able to improve the efficiency of each epoch’s settlement by saving up to 30% of the waiting time. This time savings also applies to the primary market: unlike the first two funds, which require 15 minutes to validate the prices and settle the daily requests, the settled requests of the BNB fund will be claimable instantly at 2 pm UTC sharp.
One of our long-term goals is to expand our protocol to encompass more underlyings continuously, and with the soon-to-arrive BNB fund, we are taking another concrete step towards this goal. BNB fund has an Alpha-Enhancing design which puts a stricter requirement on the price oracle. A secure and stable price oracle from Chainlink effectively prevents our users from being susceptible to slippage, data manipulation attacks, or other single points of failure such as exchange downtime. Thus, our integration of the BNB/USD Chainlink Price Feed will better facilitate trades settlements on Tranchess Swap, based on current fair-market rates.
Chainlink Price Feeds have many desirable features that make them stand out from other oracle solutions, including:
- 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 from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- 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 with a strong track record for reliability.
- 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 the oracle network.
- Blockchain Agnostic — Chainlink oracle networks operate at the native speed of the chain where data is being delivered, eliminating bottlenecks and cross-dependencies on other blockchain networks.
“Integrating Chainlink Price Feeds ensures that our users are protected by the best oracle infrastructure available on the market. As we look to expand our asset tracker protocol to additional blockchains and assets, Chainlink’s support for many blockchains will make that expansion quick and seamless. We’re also actively exploring on how we can automate key smart contract functions using Chainlink Keepers for an even smoother user experience.” — Tranchess team.
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.
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