Glacier-ChainLink Integration Will Facilitate CeDeFi Loans

Chain Linked

Glacier has announced that it has integrated with ChainLink in its quest to provide high quality financial services to its clients. According to a Medium release seen by Cryptoinfowatch, the CeDeFi lending platform stated that the use of Chainlink was necessitated by the need to provide tamper-proof real-time data 

You’ve heard about the DeFi space, but may be unaware of the centralized decentralized finance such as Glacier, the lending/borrowing platform that is centralized due to its belief in the roles of regulators in the success of the blockchain revolution.

According to the post, the Glacier team stated that:

We’re excited to announce that Glacier — a CeDeFi lending/borrowing platform that creates alternative opportunities in financial markets — has integrated Chainlink Price Feeds on the Polygon mainnet

The team’s excitement stems from the fact that the Chainlink integration gives the CeDeFi access to the platform’s tamper-proof price feed which is the leading decentralized oracle service at this time. The benefit is that users of the lending service would be rest assured that they are offered an up-to-date exchange rate on a secure and trustworthy platform.

The emphasis on Chainlink by many DeFi platforms stems from its seamless integration. This is why the network is responsible for the security of most projects using its top of the range oracle solution which has proven to be dependent even during unforeseen crashes in other provider services.

Glacier acts as a bridge between owners of fiat and those that own cryptocurrencies, with the objective to provide liquidity to borrowers and lenders without the need for holders of crypto assets to sell off their coins when they borrow funds provided by fiat holders.

Referencing is an important component of the lending business, the platform needs accurate referencing of lending rates via a reliable data feed that is regularly updated in real-time to create a fair transaction between the lender and borrower. This is the essence of the Chainlink integration.

Some of the features that placed Chainlink ahead of other oracle solutions are its high quality data sourced from several exchanges, secure nodes that are independently verified and proven to be reliable, a decentralized source of data that is protected against crashes and a powerful reputation as an oracle service provider.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.