Avalanche DEX Dealer Joe at the moment introduced the launch of Banker Joe, new lending and borrowing platform powered by Chainlink worth feeds.
Chainlink is the trade commonplace for constructing, accessing, and promoting oracle providers wanted to energy hybrid good contracts on any blockchain. Chainlink oracle networks present good contracts with a solution to reliably connect with any exterior API and leverage safe off-chain computations for enabling feature-rich functions.
After at the moment’s integration, customers can leverage Banker Joe to earn curiosity on their belongings by loaning them to others by way of non-custodial swimming pools, or by depositing their very own belongings as collateral to borrow extra belongings.
Banker Joe references Chainlink decentralized worth oracles to find out a consumer’s borrowing capability throughout mortgage issuance and test loans for under-collateralization throughout liquidations.
Dealer Joe’s preliminary integration helps a number of Chainlink Value Feeds: AVAX/USD, ETH/USD, WBTC/USD, LINK/USD, USDT/USD, USDC/USD, and DAI/USD. Importantly, our integration with Chainlink can simply increase Value Feed assist for extra belongings sooner or later.
Why did Dealer Joe select Chainlink?
Dealer Joe mentioned it built-in Chainlink because it was essentially the most dependable decentralized oracle community within the blockchain trade, one which already helps safe tens of billions of {dollars} for main DeFi functions throughout numerous blockchains.
“Chainlink Value Feeds have confirmed over an in depth time frame to offer high-quality knowledge and strong infrastructure, persistently updating precisely and securely in periods of maximum market volatility and community congestion,” Dealer Joe builders mentioned in a launch, including that Banker Joe is an important part of the general imaginative and prescient to show Dealer Joe right into a one-stop buying and selling platform on Avalanche.
Customers can deposit collateral and borrow belongings from Banker Joe to successfully make lengthy or brief positions. Nonetheless, borrowing doesn’t come with out threat, as customers might be liquidated when their well being ratio falls under the 65% collateral issue.
A number of the notable optimizations of Chainlink Value Feeds embody:
- Excessive-High quality Knowledge — Chainlink Value Feeds supply knowledge from quite a few premium knowledge aggregators, main to cost knowledge which are aggregated from a whole bunch of exchanges, weighted by quantity, and cleaned from outliers and suspicious volumes.
- Safe Node Operators — Chainlink Value Feeds are secured by unbiased, Sybil-resistant oracle nodes run by main blockchain DevOps groups and conventional enterprises with a robust observe report for reliability.
- Decentralized Community — Chainlink Value Feeds are decentralized on the knowledge supply, oracle node, and oracle community ranges, producing robust protections in opposition to downtime and tampering by both the info supplier or the oracle community.
- Transparency — Chainlink supplies a strong popularity framework and set of on-chain monitoring instruments that permit customers to independently confirm the historic efficiency of node operators and oracle networks, in addition to test the real-time costs being provided.
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