Chainlink, a well-known crypto platform offering secure interaction between blockchain entities and external data, has announced integration with UnitusFi. By integrating the Chainlink Price Feeds, UnitusFI reportedly aims to boost the reliability and security of the lending protocol thereof across diverse blockchain networks like Polygon, Optimism, Ethereum, BNB Chain, and Arbitrum. Chainlink disclosed this endeavor on its official X account.
.@unitusfi has upgraded to #Chainlink Price Feeds to help provide tamper-proof data for its lending protocol on @arbitrum, @BNBCHAIN, @ethereum, @Optimism, and @0xPolygon.
High-quality market data enhances the security and reliability of DeFi protocols. pic.twitter.com/R5cIcsCUXI
— Chainlink (@chainlink) August 15, 2024
UnitusFi Adds Chainlink Price Feeds for Securer DeFi Lending
As per Chainlink, this development denotes a crucial step in improving the resilience of the services of UnitusFi. In this respect, it utilizes Chainlink’s efficient solutions for tamper-proof data. Chainlink Price Feeds have reportedly gained a prestigious position in the DeFi sector with the provision of fine market data for financial applications’ secure and precise function.
By adding the respective feeds, UnitusFi guarantees that its lending forum can reach dependable price information. This plays a vital role in evaluating loan-to-value ratios, gauging collateral needs, and securely conducting liquidations. The integration is specifically significant for UnitusFi. It works across a diverse array of blockchain platforms. Each of these networks faces exclusive challenges regarding data security and reliability.
The Development also Improves the Overall Reliability with a Relatively Trustworthy DeFi
The decentralized oracle platform of Chainlink minimizes the above-mentioned challenges. Hence, it aggregates data from several sources, guaranteeing the manipulation-resistance and accuracy of the price information. The integration enhances the UnitusFi-based lending protocol’s security. According to Chainlink, it also improves overall reliability by providing a relatively trustworthy forum for DeFi operations.