Chainlink now supports UFT Price Oracles
UniLend is proud to announce that it will be sponsoring Chainlink price feeds, which will act as a decentralized price oracle for UniLend’s token UFT.
Our partner projects and notable DeFi protocols will be able to easily and safely add support for UFT tokens thanks to Chain Link, the industry’s most well-known oracle network. Because of its solid, time-tested price feeds in the smart contract industry, Chainlink is our go-to price oracle supplier, protecting $75B+ in on-chain value for decentralized apps. The price feeds are already available on the Ethereum blockchain, with Polygon and BSC compatibility coming soon.
Integration With Unilend OMNIS
One of the first applications of the UFT/USD price feeds will be on UniLend Omnis, which will allow UFT lending and borrowing while providing safe and reliable price data. Our team made it a high priority to deploy the UFT-USD Chainlink price feed in order to assure safe price data and avoid price manipulations.
High-Quality Data: Chainlink Price Feeds obtain data from a number of premium data aggregators, resulting in price data that has been aggregated from hundreds of exchanges, weighted by volume, and free of outliers and suspicious volumes. The data aggregation model used by Chainlink delivers accurate worldwide market prices that are immune to API/exchange outages, flash crash outliers, and data manipulation attempts.
Blockchain Agnostic: Chainlink Price Feeds operate at native speed and support key Blockchains on which UFT is present, making the protocol Blockchain Agnostic.
Superior Infrastructure: Decentralized networks of skilled node operators managed by leading blockchain DevOps teams and traditional organizations with a good track record of uptime are one of the main reasons to pick the Chainlink Price Feeds.
Security: UniLend Finance will leverage the UFT-USD price feed to assess customers’ collateralization, borrowing limitations, and liquidate undercollateralized loans, making UFT lending and borrowing as popular as any other major coin.
UniLend Omnis’ development relies heavily on chainlink oracles. Omnis will work with a variety of protocols right from the start to deliver the greatest possible user experience. EPNS’s use of Push alerts, Covalent APIs for data indexing, direct connection with wallets like Math Wallet, and many other partner projects are examples of this.
UniLend envisions broad blockchain adoption by delivering a scalable and multichain interoperable solution. UniLend Omnis, which will allow secure and trustworthy lending and borrowing of UFT token pairings underpinned by Chainlink price oracles, is one step closer to debut.
Chainlink is the most extensively used oracle network for hybrid smart contracts, allowing any blockchain to safely access off-chain data using oracles to fuel on-blockchain smart contracts. Smart contracts may connect to any external API and use safe off-chain computations to enable feature-rich apps thanks to Chainlink oracle networks. Chainlink presently protects tens of billions of dollars in DeFi, insurance, gaming, and other important industries, and provides a universal gateway to global organizations and prominent data suppliers.
UniLend aspires to be the foundation upon which future DeFi protocols are constructed. Omnis enables a wide range of applications that were previously unavailable with DeFi. The capacity to utilize leverage to long or short any asset, for example, is only one of the complex trading tactics that Omnis customers may deploy.