We are proud to announce that Konomi, a Substrate-based blockchain, has natively integrated the widely used Chainlink Price Feeds on testnet via the Chainlink Oracle Pallet. By integrating Chainlink Price Feeds as our go-to oracle solution, we can secure critical functions within our decentralized liquidity and money market protocol, such as issuing loans and triggering liquidations based on fresh, accurate, and tamper-proof asset prices.
We recommend that all decentralized applications (dApps) launching on Konomi and needing price oracles to use Chainlink Price Feeds. Not only is Chainlink the most provably reliable oracle solution during periods of extreme network congestion and market volatility, but its Price Feeds are backed by industry-leading data quality that’s proven to be flash loan resistant. Hence, why Chainlink is counted on by leading decentralized finance (DeFi) applications to secure tens of billions of dollars, and makes for a perfect fit to support Konomi’s DeFi offerings.Powering Konomi’s DeFi Ecosystem With Chainlink
Konomi is an independent blockchain built using the Substrate development framework. Konomi has a built-in liquidity and money market protocol that aims to support cross-chain asset management within the Polkadot ecosystem. Through Konomi, users can borrow cross-chain assets and lend cross-chain liquidity across Polkadot dApps.
To support our cross-chain decentralized money markets, we need financial market data when performing on-chain functions, most notably asset prices to calculate the value of outstanding loans and users’ collateral. However, blockchains don’t inherently generate global asset prices nor do they have built-in capabilities to call external APIs. Thus, we required an additional piece of infrastructure known as an oracle to fetch external price data and deliver it to the Konomi Network so i...