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

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.

Moving Forward

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.”

About Chainlink

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.

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