Ola Finance Upgrades Oracles to include Chainlink Price Feeds on Fantom

We are excited to announce that we upgraded our oracle mechanism to include the Chainlink Price Feeds on the Fantom mainnet and soon after Binance Smart Chain. By integrating Chainlink’s industry-leading decentralized oracle network, lending market creators in Fantom now have access to highly secure, reliable, and precise price data needed to price assets during loan issuance and liquidation processes.

This integration was accelerated when our partner SpiritSwap requested support for Chainlink Price Feeds for their own lending market. We plan to continue working with the Chainlink team to launch additional Price Feed networks required by market creators, expanding adoption of the DeFi ecosystem as a whole.

As our recommended oracle solution, the following USD-denominated Chainlink Price Feeds are now available on the Fantom mainnet for use by Ola lending networks: FTM, ETH, BNB, BTC, and USDC. Chainlink Price Feeds have a strong historical track record of reliability during unexpected events like flash cash outliers and data manipulation attacks (e.g., flash loans), providing our users with the best oracle solution for securing their lending markets.

Powering Ola Lending Markets With Chainlink Price Feeds

Ola Finance is not a typical on-chain money market with a single global liquidity pool, but rather is a platform that lets anyone create their own lending networks around whatever parameters they see fit. This significantly increases the scope of tokens that can be used for lending and borrowing activities, without putting other users’ lending markets at risk. This is enabled through isolated lending pools, where each lending network is effectively isolated and has its own risk profile, allowing users to choose which lending networks fit their risk appetite.

In order to keep lending networks collateralized and mark risky positions for liquidation, we required a secure price oracle solution that supplies real-time pricing on each supported token used as collateral and debt. These processes are key to helping ensure users get fair market loans and lenders stay solvent via timely liquidation of risky loans.

After looking at different oracle solutions, we decided to integrate Chainlink Price Feeds as they are the most widely used price oracles that already secure tens of billions of dollars within the DeFi ecosystem across multiple blockchain networks. Some of the advantages include:

  • High-Quality Data — Financial market data is sourced from numerous premium data aggregators like BraveNewCoin and Kaiko, leading to volume-adjusted global market prices with robust market coverage.
  • Reliable Nodes — Chainlink Price Feeds are secured by a decentralized network of independent, security-reviewed, Sybil-resistant oracle nodes run by leading blockchain DevOps teams with a proven history of reliability and uptime.
  • Decentralized Infrastructure — Both the data sourcing and delivery mechanisms are decentralized, removing any central point of failure and helping ensure Ola markets consistently receive the latest fresh asset prices.
  • Blockchain Agnostic — Chainlink is blockchain agnostic and already powers Price Feeds on both Fantom and BSC, making it straightforward to integrate with our multi-chain decentralized lending platform.

Chainlink BNB/USD Price Feed on the Binance Smart Chain mainnet

Chainlink Price Feeds will be offered to our partners, to use as an oracle solution for financial market data with an optional additional circuit breaker from on-chain DEX price data. If the latest update from Chainlink Price Feeds is within a predefined deviation from the DEX price, the price update is used, otherwise it is rejected as an additional safety measure. The circuit breaker is a configurable parameter on a per-asset basis, meaning a stablecoin could have a tighter deviation than a more volatile asset.

“Upgrading our oracle solution to include Chainlink Price Feeds was the obvious move given the historical accuracy and reliability of Chainlink Price Feeds across all supported blockchain networks. We’re excited to work with the Chainlink team to ensure market creators have the data required to quickly and securely deploy their own lending markets,” stated Oren De Lange, core contributor at Ola Finance.

About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.

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About Ola
Ola Finance is a lending platform that lets anyone create a Compound-like instance of almost any token, referred to as Lending Networks. With Ola, a Lending Network can be created with a few clicks of a button by tuning a few parameters. These parameters include the tokens that can be lent and borrowed, the collateral factor for each token, the fee rate, and a few more. Once a Lending Network is created, anyone can instantly interact with it via the Ola app, which acts as a gateway to all Lending Networks.

Website: https://ola.finance/
Twitter: https://twitter.com/ola_finance
Telegram: https://t.me/ola_finance
Gitbook: https://olafinance.gitbook.io/ola-finance/

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Ola Finance

Ola Finance

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Ola finance is a platform for creating custom decentralized lending networks.