Crosswise Integrates Chainlink Oracles to Secure Asset Pricing

Crosswise Integrates Chainlink Oracles to Secure Asset Pricing

We’re excited to officially announce that Crosswise has completed Chainlink Price Feed integration on Binance Smart Chain, with a number of additional chain integrations to come.

Chainlink is the industry-leading decentralized oracle network, providing access to high-quality, tamper-proof price feeds that Crosswise uses to deliver highly secure and reliable asset price data to our decentralized exchange (DEX). Integrating Chainlink price oracles is an important part of our strategy for securing user funds on the Crosswise platform, particularly as circuit breakers to mitigate users from making high-slippage trades due to temporary spot pricing inaccuracies.

DeFi has it’s growing pains and security is a constant critical value that project teams must prioritize. Manipulation techniques such as flash loan attacks and front-running are an unfortunate but persistent part of reality. In a flash loan attack, an attacker borrows a large sum of capital, uses it to vastly manipulate the price of an asset, takes advantage of the inaccurate pricing, then pays back the flash loan, all within the span of a few moments. The effects of these attacks can be devastating to both projects and their users. Thankfully, there are highly tested solutions to protect against many of these exploits.

At Crosswise we take our duty of care very seriously, and thus from inception it was clear that not using a price oracle was never an option worth entertaining. That’s why we turned to Chainlink Price Feeds as circuit breakers to help protect our DEX from these and other types of price manipulation.

As a DEX, we’re naturally heavily reliant on price data, and we require high reliability, timeliness, and accuracy. That’s why, after evaluating available solutions, we opted for Chainlink Price Feeds. Price Feeds have a proven track record of helping secure tens of billions in value across DeFi, along with key characteristics such as:

  • High-Quality Data — 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 of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
  • Secure Node Operators — Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a track record of reliability, even during high gas prices and infrastructure outages.
  • Decentralized Network — Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
  • Reputation System — A robust reputation framework and set of on-chain monitoring tools allow users to independently verify the historical and real-time performance of node operators and oracle networks.

“Chainlink Price Feeds play an important part in helping keep Crosswise users secure and shielded from price manipulation. We look forward to also integrating Chainlink Verifiable Random Function (VRF) in our launchpad allocation queueing logic, as well as the Keeper Network to execute rule-based swaps.”

— Frederic Beeg, CEO, Crosswise

About Crosswise

Crosswise is a next-gen cross-chain Decentralized Exchange (DEX) building a seamless DeFi user experience. Crosswise bridges the gap between centralized and decentralized exchanges, aiming to bring together the best of both worlds. Crosswise is committed to its users and brings back customer service and support to the DeFi space. Visit crosswise.finance

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.

About Crosswise Finance

Next-gen cross-chain Decentralized Exchange (DEX) building a seamless DeFi user experience. Crosswise Finance bridges the gap between centralized and decentralized exchanges, bringing together the best of both worlds. Crosswise is committed to it’s community and brings back customer service and support to the DeFi space.

Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making investment decisions.

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Next-gen cross-chain Decentralized Exchange building a seamless DeFi user experience. Crosswise bridges the gap between centralized and decentralized exchanges.

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Crosswise

Crosswise

Next-gen cross-chain Decentralized Exchange building a seamless DeFi user experience. Crosswise bridges the gap between centralized and decentralized exchanges.

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