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Parrot is Integrating Chainlink Price Feeds to Accurately Price Collateral and Liquidate Loans

We’re excited to announce that Parrot, a DeFi platform live on Solana mainnet designed to unlock LP liquidity through lending, is integrating Chainlink Price Feeds. By integrating the industry-leading decentralized oracle network, we have access to tamper-proof price feeds used to reliably calculate collateral requirements and liquidate loans on our lending protocol.

We chose to integrate Chainlink Price Feeds because they provide time-tested price feed data in a decentralized manner, helping us maintain the crucial security features needed for blockchain-based applications. Chainlink Price Feeds are battle-hardened and used by some of the largest DeFi protocols across the blockchain industry to help secure tens of billions of dollars in total value locked (TVL). Crucially, Chainlink Price Feeds have been resilient in the face of unexpected events such as flash crashes, exchange downtime, extreme market volatility, and even flash loan attacks — helping assure our users that the price oracles securing our lending function cannot be tampered with.

Parrot is a top-10 Solana project by TVL that helps users access locked liquidity in the form of LP tokens by allowing users to take out loans against their LP positions. Users are able to borrow Parrot’s native stablecoin PAI, SOL, Solana-based tokens, and cross-chain assets by locking up specified LP tokens as collateral. Ultimately, the goal is to provide more functionality to LP tokens, which traditionally have limited use cases other than yield farming.

In order to help secure our lending platform and liquidate loans based on accurate and high-quality price data, we needed a decentralized oracle network that could provide decentralized data feeds that do not come from any single source. Chainlink Price Feeds fulfill this function perfectly, fielding multiple layers of data aggregation at the data source, oracle node, and oracle network level. With real-time updates from Chainlink Price Feeds, Pa...

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