Octane will Integrate Chainlink Price Feeds to Secure limit orders
We’re excited to announce that Octane Finance a decentralized rewarding limit orders platform will integrate Chainlink Price Feeds on Binance Smart Chain (BSC). By integrating Chainlink’s industry-leading decentralized oracle network, Octane will have access to high-quality, tamper-proof price feeds needed to determine the price of a token pair at the time of execution and prevent flashloan attacks. This will provide our users with strong assurances that all limit orders will be executed safely.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Octane Finance is redefining limit orders by making them smart & rewarding. We follow the optimal capital path for idle limit orders.
How it works?
Place a limit order to buy/sell token pair at desired price.
- Protocol Magic
Protocol takes over and generates interest before and after your order on the order tokens from open and proven DeFi yield protocols. All parameters related to order are user customisable.
When market price is near your limit price and other conditions are fulfilled, the platform takes out your tokens from the yield protocols and fills your limit order. This is achieved via network of highly incentivized executors who look after your limit orders.
In order to secure our execute function, we need access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- 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. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- 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.
- 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.
As we expand we will be using Chainlink data feed to support other token pairs and also integrate Chainlink on other chains.
“Chainlink is one of the trusted oracle providers of many DeFi protocols, we hope to leverage Chainlink expertise in setting up oracle network to secure our offering.” — Octane Team
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
Octane is a fully decentralized rewarding limit order platform driven by network of executors. The Octane team consists of veteran entrepreneurs and professionals who have been part of blockchain space since the launch of its early DeFi protocols.
For more information, please visit https://octane.finance/