DeFi will be driven by Nord Finance’s smooth integration of Chainlink’s decentralized oracle network
With the integration of Chainlink, Nord is extremely proud to announce that Nord Finance’s ecosystem has become significantly stronger, secure, and reliable. Nord Finance’s long-term growth would be dependent on its leading decentralized data network.
The Chainlink’s decentralized oracle network is critical in delivering trustworthy, tamperproof data while maintaining the consistency benefits of a decentralized off-chain data network. Nord Finance’s robust ecosystem and platform customers will be bestowed with exceptional data sources as a result of the merger, aligning with Nord’s vision of simplifying DeFi investments. When we see DeFi become more popular, it’s critical to have a solid framework in place to secure platform users’ digital financial assets and interests.
Using decentralized oracles to solve the data problem
Data is an important feature of a decentralized financial landscape because it acts as the basis for financial transactions. Deriving correct and consistent data is critical to ensuring the seamless flow of financial transactions in a complex environment. The blockchain oracles solve this problem by using different processes to fetch real-time off-chain data on the blockchains. The oracle’s main function is to extract and feed real-time market data to smart contracts running on the blockchain, allowing them to drive the platform’s ultimate usefulness based on rational thinking.
Nord Finance’s nuances — Chainlink Integration to make DeFi investments easier for consumers
· The Nord savings stablecoins’ price on the Ethereum Network, Binance Smart Chain, and Polygon will be accessible through Chainlinks price feeds, which will provide precise, secure, and transparent data.
· Nord finance plans to use Chainlink’s integration to generate multi-asset price feeds for its automated Robo-advisory services, which enable consumers to invest in a goal-oriented portfolio that aligns with their financial goals.
· As used in the loan liquidation engine, Chainlink’s oracles can have stable asset rates, protecting users from malicious threats caused by under collateralization.
· The incorporation of Chainlink’s price oracles into Nord Finance’s asset price feeds would drive acceptance as a select platform for data needs in the DeFi landscape.
· Nord finance’s ecosystem will use Chainlink’s pricing oracles, helping platform users to get correct and consistent price data for the crypto assets in their portfolio. As a result, users would be able to keep better positions to increase profits.
This is only the beginning of the upcoming projects that will be integrating with Nord. Nord finance would gain improved security and reliability in the complex DeFi landscape as a result of Chainlink’s introduction, allowing DeFi to reach its full potential.
About Nord Finance
Nord Finance is a blockchain-agnostic decentralized financial environment that focuses on simplifying decentralized finance goods for consumers while emphasizing traditional finance’s main characteristics. It is built on the Ethereum Network and incorporates multi-chain interoperability, allowing it to provide a variety of financial primitives such as deposits, advisory, asset-backed loans, investment/funds management, and swaps.