There are multiple advantages of being on Matic with respect to oracles.Matic offers high-speed and inexpensive transactions. Because of this high transaction throughput, the oracles will be able to provide high-frequency price updates. Integrating Chainlink with Matic’s L2 capabilities will help us infuse greater efficiency, speed, and accuracy into our existing liquidation system.
For the uninitiated: Liquidation is the process of repayment of your loan to the lender when your borrowing falls below the required level of collateralization. In this situation, the loan is repaid by selling off some of the collateral you have placed to buy back the asset owed to the lender.Going Ahead
The EasyFi and Chainlink integration will set a precedent for upcoming projects building on the newly expanding layer-2 financial infrastructure. We believe it will boost the layer-2 DeFi ecosystem on Matic Network, as Chainlink is the first price feed oracle network integrating with Matic Network. This unleashes the potential of huge innovation possibilities.
Commenting on the long term perspective of the integration, Ankitt Gaur, CEO EasyFi said, “As EasyFi moves forward with fulfilling the objectives laid out in our roadmap, we will be continuously working with Chainlink to expand into multiple networks and new layer-2 protocols in the future. Integrating Chainlink price feeds into EasyFi and Matic Network gives our users security from the most secure and reliable oracle solution, already securing billions in DeFi value. We are looking forward to a deeper relationship with Chainlink in our future endeavors, with the aim to fulfill our quest to offer more meaningful lending products to our users.”
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other bl...