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You are here: Home / News / DeFi / DeFi Platform Cream Finance Announces Integration of Chainlink Price Feeds
Chainlink

DeFi Platform Cream Finance Announces Integration of Chainlink Price Feeds

December 3, 2020 by Reena Shaw

Peer to peer lending and exchange platform, Cream Finance announced the integration of Chainlink Price Feeds on the Ethereum mainnet as its primary oracle solution throughout all Cream markets.

According to the official release, the Chainlink network will be providing pricing data on the Ethereum mainnet to C.R.E.A.M for the ETH-denominated markets such as LINK, COMP, YFI, BUSD, USDT, USDC, UNI, and AAVE.

Announcing the same, Cream Finance stated,

“We are pleased to now use Chainlink’s market-leading decentralized network of price oracles to leverage high-quality off-chain pricing data for calculating the current volume-adjusted market prices of assets.”

Utilizing Chainlink, Cream will be able to leverage Sybil which is a decentralized network of independent resistant oracle networks to derive market prices for many leading cryptos. The blog post further mentioned that each Chainlink oracle node sources price data for multiple premium off-chain data aggregators.

This is to verify that the data source itself indicates a volume adjusted average aggregated from across both CEXs and DEXs. Following which, the responses of the individual nodes’ are then aggregated to construct a weight-adjusted on-chain price that Cream Finance’s smart contracts can reference when making loans or receiving deposits.

In return, Chainlink will guarantee that Cream Finance has access to robust and accurate price data to support a safe and reliable liquidation process, even during irregularities and anomalies be it flash loans, high gas prices, periods of network congestion, and centralized infrastructure outages.

Furthermore, Cream Finance has also confirmed that LINK holders will be able to use their tokens as collateral on its platform following the integration.

TWJ had earlier reported crucial collaboration of Cream Finance according to which Yearn Founder Andre Cronje revealed that the developers of both Yearn and Cream have teamed up to launch Cream v2. The main objective of this merger was to focus on lending and leverage products. Additionally, Cream v2 would enable earning yield with leverage and was slated to be a launchpad for future collaborative lending products of the two DeFi platforms.

Filed Under: DeFi, News Tagged With: chainlink

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