Geist Finance integrates Chainlink Price Feeds as go-to oracle solution on Fantom

Geist Finance, a decentralized non-custodial liquidity protocol, has integrated Chainlink (LINK/USD) Price Feeds as its go-to oracle solution on the Fantom (FTM/USD) mainnet, Invezz learned from a press release. The integration will help Geist determine users’ borrowing rates and calculate their collateralization ratios on the platform.

Chainlink provides precise, reliable, low-latency price updates

Chainlink has helped secure more than $75 billion in value across DeFi. It equips Geist’s decentralized money markets with reliable, precise, and low-latency price updates at the native cost and speed of Fantom.

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Chainlink Price Feeds have a proven track record of delivering reliable price updates on-chain in critical situations as well as of strengthening the accuracy and robustness of Geist’s lending protocol.

Geist envisions a revenue earning token

Geist Finance depositors provide market liquidity to earn a passive income. Borrowers can get overcollateralized or undercollateralized loans. Geist envisions a lack of governance, but entails a revenue earning token and a permissionless protocol.

The Geist Finance team said:

It’s critical for the Geist platform to have a reliable oracle solution to help ensure that our users receive fair-market loans and lenders remain solvent during periods of high market volatility. Importantly, Chainlink provides battle-tested decentralized infrastructure resistant to single points of failure, furthering the security and reliability of lending/borrowing markets available to DeFi users throughout the Fantom ecosystem.

To help secure the Geist protocol, they required access to fresh asset prices supplied reliably and directly on-chain. After reviewing various oracle solutions, Geist integrated Chainlink Price Feeds for the following reasons:

Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises.

High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading.

Reputation System  — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.

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