The Bitrue crypto exchange has recently announced that it had integrated ChainLink (LINK) price oracles. This will allow it to provide live price reference data within the crypto trading platform at large. With this move, price quotes for various products of Bitrue, like loans, will have complete fairness and accuracy to them.
Adding ChainLink To Bitrue Offering
Within its announcement, the Bitrue team elaborated on why such accurate price data is critical for its services. The primary reason why, is it provides a safe and fair environment for people to use the services Bitrue provides, such as Bitrue loans. This is due to how inaccuracies or outright manipulation within the exchange could stand to force a loan into liquidation when it could’ve stayed afloat, or continue as normal when it should be liquidated.
Bitrue’s team explained that ChainLink leverages premium data aggregator APIs in order to source data for their oracles. This data is thus an aggregate price from all forms of decentralized or centralized exchanges that have significant enough liquidity.
Accurate, Manipulation-Resistant Data
What this means for Bitrue, is it’s supplied with an incredibly reliable and accurate global market price for the various crypto assets. This, in turn, provides a very strong market coverage, one that adjusts for outliers and volume shifts, as well.
In regards to why they chose ChainLink, in particular, the Bitrue team cited the ChainLink platform’s overall record in providing cryptocurrency price data with great accuracy. The team explained that there was a rigorous investigation done, inspecting a large array of third parties that could provide these requirements.
Ultimately, however, the team decided to use ChainLink, as it’s proved itself to be a source that is the most resistant to manipulation at large. The reason why it can provide such accurate cryptocurrency price data, the Bitrue team explained, is through public auditability, decentralized architecture, as well as the use of premium data sources.
ChainLink Is Going Places
By now, ChainLink stands as the backbone of a large number of DeFi platforms, due to their accurate data and the various features already mentioned by the Bitrue team. As it stands now, ChainLink provides its oracles to DeFi projects such as Synthetix Network (SNX), Aave (LEND), Loopring (LRC), Kyber Network (KNC), Bancor (BNT), as well as Ampleforth (AMPL).
As one would imagine, the constant integration of ChainLink’s oracles has seen its token, LINK, reach incredible new highs within the crypto market. Its value will doubtlessly keep skyrocketing until it’s integrated with enough projects that it becomes as established as Ethereum, or maybe even Bitcoin.
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Author: Ali Raza