KyberSwap Integrating Chainlink Price Feeds for DeFi and DAO

KyberSwap recently announced a strategic collaboration with Chainlink. The platform integrates Chainlink Price Feeds to secure its DeFi ecosystem with trust-minimized solutions and reliable infrastructure.

The development will substantially boost the precision and efficiency of KyberSwap’s DAO and DeFi operations. In addition, Chainlink will allow KyberSwap to convert collected fees into KNC tokens at a fair price worldwide.

It will make rewards distribution significantly easier and more efficient for KyberDAO participants. Besides this, the integration boosts the KNC token’s support as collateral on multiple DeFi lending platforms.

Lending protocols like Aave, Benqi, and QiDAO currently calculate KNC’s price when users borrow funds or lend KNC using the token as collateral. It is crucial to enhance the lending platform’s reliability during KNC’s collateral liquidation. You can check the most popular crypto loan sites here to get more details.

Besides using Chainlink Price Feeds for KNC-paired tokens, KyberDao will also collect data for assets like WBTC and ETH. It will help the platform covert transaction fees while fairly sharing the rewards with the voters. 

Kyber will also run a Chainlink node that offers pricing for tokens, including KNC, to secure the Chainlink oracle network. The Co-Founder and CEO of Kyber Network, Victor Tran, also spoke on the recent integration.

According to Tran, Chainlink proposes highly decentralized, reliable, and secure market data. This data includes KyberDAO, facilitating the network’s reward distribution system. The entire Kyber team is delighted to use Chainlink Price Feeds to support developers within the multi-chain DeFi industry, liquidity providers, and traders.

The official post by Kyber Network specified four crucial attributes of Chainlink that made the integration a natural fit. These characteristics are:-

  • Secure Node Operators: Secured by Sybil-resistant, independent, and security-vetted oracle nodes. Chainlink Price Feeds are operated by leading data providers, enterprises, and blockchain teams.
  • Highly-Precise Data: Chainlink sources data from multiple reliable data aggregators based on volume and similar metrics, including multiple exchanges. It allows the network to generate precise market prices resistant to manipulation and inaccuracy.
  • Decentralization: The price feeds are highly decentralized at the oracle network, oracle node, and data source level. It results in heavy security against data tampering and downtime.
  • Reputation System: Chainlink is vastly recognized for its on-chain monitoring tools and framework. It boasts a rich history of providing real-time verification of oracle networks and node operators. 

Source: https://www.cryptonewsz.com/kyberswap-integrating-chainlink-price-feeds-for-defi-and-dao/