C.R.E.A.M. Finance chooses Chainlink as its primary price oracle solution
Chainlink and C.R.E.A.M. Finance have been at the head of quite a few developments lately. Now, with the latter announcing a new integration associated with its oracle services, the two are bound to be in the headlines even more so.
According to the said announcement, C.R.E.A.M. Finance has chosen Chainlink as its primary price oracle solution. This is interesting since Chainlink already provides price data for several projects across DeFi and it will now go ahead and provide price data to C.R.E.A.M. on the Ethereum mainnet for the following markets – LINK, COMP, YFI, BUSD, USDT, USDC, UNI, and AAVE.
The Oracles constitute an important part of the DeFi ecosystem and Chainlink has been one of the leading ones. It has been working with several DeFi projects and connecting them to off-chain and on-chain data sources. C.R.E.A.M. Finance offers lending and exchange services at the moment and this partnership will help it attract more users by focusing on its security features.
The aforementioned announcement by C.R.E.A.M. added,
“By leveraging Chainlink, C.R.E.A.M. is able to take advantage of a decentralized network of independent, Sybil resistant oracle networks to obtain market prices for many leading cryptocurrencies. Each Chainlink oracle node sources price data for multiple premium off-chain data aggregators, ensuring that the data source itself reflects a volume adjusted average aggregated from across both CEXs and DEXs.”
The individual nodes’ responses will then be aggregated to formulate a weight-adjusted on-chain price that C.R.E.A.M’s smart contracts could refer to when making loans or receiving deposits.
Chainlink has been updating its oracle network as it moves forward. Recently, it announced that it had enabled 77 different smart contract use cases. With C.R.E.A.M sure that users will receive fair rewards by partnering with Chainlink, LINK holders will also be able to receive C.R.E.A.M. by collateralizing their tokens.