Konomi Will Integrate Chainlink’s Decentralized Oracles to Secure Its Cross-Chain Money Markets
We are very excited to announce our planned integration of Chainlink Price Feeds as the go-to oracle solution for the Konomi network, providing tamperproof, up-to-date, and accurate pricing on assets used throughout our money markets. This will ensure that Konomi is able to issue and check the collateralization of loans based on real-time market conditions, keeping the protocol solvent and guaranteeing users fair market rates.
As the most widely adopted and secure decentralized oracle network in the blockchain industry, our Chainlink integration will bring us one step closer to completing our cross-chain, Substrate-based, decentralized money market platform. The end result is users operating on multiple different blockchain ecosystems having more utility for their assets via Konomi’s new lending and collateral options.
A Path Towards Launch
As a platform built using Polkadot’s Substrate, we have big plans to provide the entire blockchain ecosystem with a cross-chain decentralized money market service. This will unlock additional value as assets gain new trading pairs and opportunities for more liquidity.
Being a decentralized platform, Konomi needs extremely secure, precise, and frequent price data available directly on-chain so it can be referenced by our smart contracts. This is to both to guarantee our users receive the going market rates and ensure loans remain fully collateralized. As such, we will use Chainlink oracle networks to obtain verifiable asset pricing data for all assets that traders will use within the Konomi platform.
Chainlink is the most time-tested oracle solution in the blockchain industry, already securing over $15 billion in USD value on mainnet across leading DeFi protocols. Thus, the Chainlink Network has already demonstrated expertise and in-production execution in provisioning similar DeFi services to Konomi’s own needs. Some of the key features implemented into the Chainlink Price Feeds that caused us to select them as the oracle provider to all Konomi money markets include:
- High-Quality Data — Chainlink Price Feeds source price data from hundreds of exchanges (CEXs and DEXs), weight it by volume, and smooth out fluctuations, ensuring accurate, volume-adjusted prices that are resistant to API downtime and data manipulation, such as those carried out by flash loans.
- Secure Oracles — Chainlink Price Feeds are secured by independent, security reviewed nodes operators run by professional DevOps teams, generating Sybil resistance and leading to reliable services even during high network congestion.
- Decentralized Security — Chainlink Price Feeds aggregate price data from numerous independent oracle nodes and multiple premium data sources, providing strong decentralized security in both the sourcing and delivery of data.
- Blockchain Agnostic — The Chainlink Network is natively compatible with any blockchain, allowing us to implement its Price Feeds on various other chains to support our growth as a cross-chain money market protocol.
Now that we have a dedicated oracle solution to provide the Konomi platform with secure and reliable price feeds, we can move to the next step of our roadmap which is focused on launching a dashboard for user assets. Both features represent crucial components to our platform’s viability, and will be extremely beneficial to our upcoming transition to mainnet.
Konomi Founder Ariel Ho says, “Providing our users with the most secure and reliable oracle solution has always been a top priority to ensure that Konomi is always relying on tamperproof, up-to-date asset valuations when issuing and liquidating loans. With our stated goal of offering our users the best decentralized and blockchain-agnostic money market platform in the industry, Chainlink will play a major role in achieving that objective, both by securing our money markets and to empowering us to quickly scale our support for new assets in the future.”
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
Konomi is a cross-chain money market platform developed on Polkadot. Using Konomi, almost any asset, regardless of what blockchain it is originally hosted on, will be tradable and accessible with a pool of liquidity. Konomi is fully interoperable with existing defi platforms, and improves on many networks’ base layer transactional functionality by providing a faster and more cost-effective alternative. With backing from some of the most influential names in the blockchain investment industry, Konomi is getting ready to redefine decentralized money markets.