Chimp Exchange Collaborates With Chainlink For Securing Rewards Distribution

We’re excited to announce that Chimp Exchange will be integrating with Chainlink, which will set Chainlink Price Feeds as the primary oracle solution for our rewards program.

This collaboration enables Chimp Exchange to access precise, tamper-resistant price feeds essential for calculating accurate reward distributions for our esteemed participants. It assures our users of reliable market data that mirrors global fair market rates, enhancing their experience.

To bolster the integrity of our reward distribution, we required direct, on-chain access to current asset prices, reliably sourced. Authentic market asset prices must represent a volume-weighted average from diverse trading environments. Hence, integrating an oracle network became essential to acquire aggregated off-chain price data and relay it on-chain for our program’s use.

After evaluating various oracle solutions, we chose Chainlink Price Feeds for their comprehensive features, including:

• High-Quality Data:
  Sourced from numerous premium aggregators, Chainlink Price Feeds deliver data aggregated from hundreds of exchanges. This data is volume-weighted, free from outliers and wash trading, ensuring accurate global market prices resistant to single-exchange manipulation.
• Secure Node Operators:
  Chainlink’s nodes are operated by independent, security-vetted, Sybil-resistant entities including leading blockchain DevOps, data providers, and traditional enterprises. These nodes have consistently demonstrated reliability even under high network demand and infrastructural disruptions.
• Decentralized Network:
  The multi-layered decentralization in Chainlink’s data sources, oracle nodes, and networks offers substantial protection against data provider or network tampering and downtime.
• Reputation System:
  Chainlink’s robust reputation system and on-chain monitoring tools allow for independent verification of node operators and oracle networks’ performance, both historically and in real-time.

Our inaugural integration features key price feeds such as WETH/USDT. Chainlink’s seamless integration capabilities and proven track record in production environments made it our preferred oracle solution. It’s renowned for securing prominent DeFi protocols, managing billions in smart contract value, and demonstrating exceptional security and uptime, even in challenging scenarios like exchange outages, flash crashes, and flash loan-based data manipulation attacks.

About Chainlink:

Chainlink sets the industry benchmark for creating, accessing, and selling oracle services vital for powering hybrid smart contracts on any blockchain. Its oracle networks enable smart contracts to connect reliably with external APIs and utilize secure off-chain computations, fostering feature-rich applications.

About Chimp Exchange:

Chimp Exchange is at the forefront of DeFi on the Linea blockchain. Our mission is to go beyond what traditional DeFi platforms offer, aiming to enhance your DeFi journey with a more dynamic and rewarding experience. We provide unique opportunities that benefit both individual users and projects.

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