Solarbeam to Integrate Chainlink Price Feeds Into Its Upcoming Lending and Borrowing Platform on Moonriver

As the largest DEX on Moonriver’s Kusama-based parachain, the Solarbeam team is excited to announce information regarding the upcoming launch of our new lending and borrowing platform. As part of the release, Solarbeam will integrate Chainlink Price Feeds on Moonriver mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, we are helping to ensure that collateralization ratios and liquidations on Solarbeam’s upcoming lending and borrowing platform are backed by globally accurate fair-market rates.

For our initial integration, Solarbeam will support the following Chainlink Price Feeds for USD: WETH, WBTC, USDC, USDT, DAI, and LINK. Further down the road, Solarbeam will also add support for these Chainlink Price Feeds for USD: MOVR, MIM, FRAX, and KSM.

The Solarbeam team places an extreme focus on security, which is why we waited until Chainlink Price Feeds went live on Moonriver to proceed with developing our lending and borrowing platform. Chainlink is easily the most reliable oracle network in the blockchain industry, already proven to help secure 75B+ for leading decentralized applications across multiple blockchain networks. With Chainlink’s highly decentralized data featuring multiple layers of aggregation, Solarbeam gains enhanced resistance to single points of failure and black swan events.

Launching in September 2021, Solarbeam has quickly become one of Moonriver’s leading DeFi solutions. Best known for its DEX, Solarbeam also features yield farms, an IDO launchpad known as Eclipse, and a token bridge enabling users to transfer tokens to and from Moonriver seamlessly. Check out our roadmap to learn more about upcoming developments and technical plans for Solarbeam.

Since rapid price volatility is the norm for cryptocurrencies, Solarbeam needed a tamper-proof market data solution with strong uptime and a time-tested history of providing accurate data during adverse market conditions. Suppose Solarbeam used inaccurate price data in its lending and borrowing platform. In that case, users’ collateral ratios could become arbitrary, leading to users being able to borrow more or less funds than they were entitled to, while they could also be subject to unwarranted liquidations. That’s why Solarbeam needed Chainlink Price Feeds to help ensure user collateral ratios and liquidations would be backed by tamper-proof market data.

Chainlink Price Feeds have many notable 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.

“We waited for Chainlink Price Feeds to go live on Moonriver because we weren’t willing to sacrifice security by launching with an inferior oracle solution that could potentially put user funds and protocol solvency at risk,” stated x0s0l, co-founder and head of development of Solarbeam. “Now we are confident our users will be able to have a highly secure and reliable transparent market data solution securing their loans and borrowing with accurate prices that they can verify in near real-time.”

About Chainlink

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.

Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Solarbeam

Solarbeam is the leading AMM on Moonriver Network, with a peak TVL of more than $180m. Launched on September 1st, Solarbeam has rapidly established itself as one of the mainstays in the Moonriver ecosystem.

Learn more about Solarbeam by visiting:

Main website | Twitter | Discord | Telegram | Medium

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