One of the largest decentralized crypto exchanges, KyberSwap, has integrated the Chainlink oracles for price feeds on its platform. The on-chain oracle network would complement the previous asset pricing model on the exchange, which is provided by Kyber Network.
KyberSwap recently announced the development, making it the third decentralized finance platform to integrate the Chainlink oracles since June. Reportedly, the integration will save KyberSwap users the stress of verifying asset prices on different avenues before swapping any token on the exchange.
This is possible because the sources through which Chainlink oracles provide price feeds for assets are aggregated across different platforms to ensure price accuracy. More so, the Chainlink oracles follow about three different approaches to avoid encountering vulnerabilities and faulty data.
Following the announcement, KyberSwap is confident that the adoption of Chainlink oracles would ensure a more improved trader experience on their platform. With the reliable price source, the users or traders are being protected from having slippage in token swaps, including any sort of price manipulation.
Notably, Chainlink is becoming a go-to platform for reliable price feeds for many platforms, including in DeFi. Including Kyberswap, Chainlink oracles have been adopted by three DeFi platforms, since this month, one of which includes AVA. The platform adopted the Chainlink price oracles on the second day of June, for its developers creating applications on the network.
While emphasizing on the development, Kevin Sekniqi, one of the officials at AVA Labs, commented:
When you look at the outstanding growth of Ethereum’s DeFi community, it’s clear just how important, powerful oracles can be when deployed by talented developers.
In a separate development, Chainlink launched a Verifiable Random Function oracle in May to improve its security against unauthorized access to smart contracts through randomness.