RioDeFi, a leading blockchain development company that has made records by integrating traditional and decentralized finance via its RioChain protocol is again taking the DeFi market by storm. RioChain is a parity substrate-based blockchain technology that utilizes the Polkadot technology for its cross-chain compatibility. The RioChain and Polkadot’s architecture is based on the same idea of enabling various digital infrastructures to interoperate between different ecosystems, thereby making them highly complementary.
To enable RioDeFi to bridge the gap between traditional and decentralized finance, this time, the company is integrating with Chainlink to access the latter’s price feeds oracle network. This generic asset bridge will allow users to digitally transfer underlying assets across various blockchain networks into RioDeFi, which will then be used as collaterals within various DeFi applications. The initial bridge will be for Bitcoin and Ethereum, but later on, it will be expanded to support other digital assets.
However, to digitally transfer assets from various blockchain networks into RioDeFi, requires reliable price data feeds, which are generated across multiple on-chain and off-chain sources. These aggregated sources can only be provided by a robust oracle network platform. At this time, Chainlink plays a pivotal role in delivering reliable price data feeds for various digital assets. It serves as the data feed solutions for RioDeFi in sourcing, aggregating, and feeding reliable price feeds into the RioDeFi applications. Chainlink is a widely used tokenized oracle network that is used for powering universally connected smart contracts. It is a trusted network used by hundreds of leading organizations to secure reliable data feeds for their financial services ecosystem.
The best part of working with Chainlink’s price feeds is, all its data networks are secured by a Sybil-resistant node operator run by decentralized blockchain network DevOps. These network nodes source price feeds from numerous premium data aggregators. The various decentralization high-quality nodes and premiums data sources, in turn, make the oracle data highly accurate and tamperproof.
Chainlink’s Price Feeds are also resistant to flash loan attacks, which has been a significant reason for concern for most of the DeFi protocols using poorly designed price oracles. RioDeFi cannot afford to lose its reputation by providing low-quality price feeds to users, and therefore, it has integrated with the leading oracles solution provider, Chainlink.
Chainlink’s high-quality data feeds will help RioDeFi developers build up a more sustainable infrastructure to address scalability, cross-chain communications, and transaction processing parallelly across different networks.