To begin with, the Chainlink price feeds will ensure that Pundi X’s platform rewards and discounts are distributed at fair market values. Secondly, Chainlink price feeds will power Pundi X’s synthetic assets on its Decentralized Exchange using accurate data from stocks, ETFs, commodities and indices.
Chainlink Has Proven to Be Secure With no Unexpected Downtimes
The team at Pundi X went on to explain that their choice of Chainlink was based on the project’s track record of delivering quality data with almost zero downtimes or instances of attacks through flash loans. They explained:
We selected Chainlink as our go-to oracle solution because it provides high-quality data using time-tested oracle infrastructure that’s proven to secure tens of billions of dollars for leading DeFi projects.
Chainlink Price Feeds are well known to supply accurate and up-to-date asset prices reflective of global markets, as well as possess built-in resistances to a variety of unexpected situations like API downtime, flash crash outliers, and data manipulation attacks via flash loans.
The team at Pundi X went on to specifically highlight the following four reasons as to why they chose Chainlink price feeds.
Chainlink price feeds are accurate and sourced from numerous data aggregators and are resistant to data source failures
Chainlink price feeds are secure and have a strong record of reliability. They are secured by independent, security-reviewed and Sybil-resistant oracle nodes run by ‘leading blockchain DevOps teams, data providers, and traditional enterprises’
The Chainlink network is highly decentralized thus guaranteeing adequate protections from downtimes
Chainlink has a strong reputation and has a set of on-chain monitoring tools to allow users to independently verify the network’s historical performance