TribeOne Integrates Chainlink Price Feeds to Help Secure NFT Loan Process
We’re excited to announce that TribeOne — an AI-powered NFT and DeFi funding platform — has integrated Chainlink Price Feeds on the Polkadot mainnet. By integrating the industry-leading decentralized oracle network, TribeOne has access to high-quality, tamper-proof price feeds needed to provide users with accurate and reliable collateral calculations for NFT loans. This gives our users strong assurances that the highest quality price feeds in the space are referenced when they access NFT loans on our platform.
Our initial integration involves the use of the following Chainlink Price Feeds: BTC-USD, DAI-USD, ETH-USD, USDC-USD, USDT-USD, and HAKA-USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of 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.
TribeOne is a premium AI-powered NFT and DeFi funding platform, providing borrowing, lending, investing, and credit risk solutions backed by RAROC (risk-adjusted return on crypto). We provide the DeFi sphere with enormous benefits through our user-centric approach and high-quality products, removing traditional financial barriers for users.
In order to help secure pricing for our NFT loan process, we needed 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. Thus, we needed 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 integrated 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, leading to 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 more precise 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 the 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.
“We’re excited to integrate Chainlink Price Feeds, the best-decentralized price data feeds available in the DeFi industry. We believe this will bring a new level of transparency and reliability to our platform and help assure users that they are accessing loans that are calculated with reference to data from the most secure infrastructure in the ecosystem.”
Mehdi Suleman, Founder and CEO of TribeOne
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About TribeOne
TribeOne is an AI-powered decentralized financial platform backed with RAROC (Risk-Adjusted Returns On Crypto) technology. TribeOne is an NFT, lending, borrowing, saving, and credit risk platform that offers a seamless experience to users through its innovative consumer-centric products. The platform will break barriers in the traditional financial ecosystem and revolutionize the DeFi sphere as a whole. TribeOne will also provide the community with a platform to lend, borrow, and invest in crypto assets and NFTs, offering a seamless experience for all.
