LIQ Protocol, a significant Solana-based (SOL/USD) on-chain liquidation protocol, has upgraded to Chainlink Worth Feeds to enhance the precision, safety, and reliability of their liquidation engine’s oracle mechanism, Invezz realized from a press launch.
As reliance on LIQ to carry out DeFi protocol liquidation could be very excessive, the improve is anticipated to reinforce the robustness of many such protocols throughout Solana.
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LIQ’s liquidation mechanism will assure entry to high-quality value information by integrating the industry-leading decentralized oracle community. This information is consultant of the broad market with out sacrificing safety and uptime.
Customers may have entry to a liquidation mechanism for margin/borrowing tasks based mostly on Solana, which is at all times synced with world markets and operates on time.
Each place is verified earlier than approval
Each place that LIQ markets for liquidation will likely be verified for under-collateralization earlier than being authorised on-chain by checking towards Chainlink Worth Feeds. The preliminary improve will contain all value feeds at the moment on the Solana devnet. Customized value feeds like RAY/USD, FTX Token (FTT/USD), and LIQ/USD will comply with.
Matt, Co-founder and CEO of LIQ Protocol, explains why Chainlink was a pure alternative:
We’re excited to combine the industry-standard value oracle answer within the type of Chainlink Worth Feeds, giving us entry to high-quality, tamper-proof pricing information to assist strengthen our liquidations engine. The status of Chainlink and the standard of its merchandise line up completely with what we’re working to deliver to the Solana DeFi ecosystem, setting it up for achievement by establishing a robust basis of safe and dependable infrastructure.
Chainlink secures protocols with tens of billions in worth
Chainlink maintains excessive uptime and sturdy safety even within the occasion of flash mortgage assaults, flash crashes, and alternate downtime. It secures main DeFi protocols with tens of billions of {dollars} in sensible contract worth. It ensures excessive replace frequency, stable infrastructure, and clear monitoring.
It might carry out frequent value updates at minimal prices and makes use of decentralized networks {of professional} node operators. Final however not least, Chainlink permits customers to confirm the historic and real-time efficiency of Worth Feeds independently by offering a secure set of on-chain monitoring instruments and status framework.
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