PearDAO Integrates Chainlink Price Feeds to Display Tamper-Proof Price Data
We’re excited to announce that PearDAO has integrated Chainlink Price Feeds on BNB Chain Mainnet. By integrating the industry-leading decentralized oracle network, PearDAO has access to high-quality, tamper-proof price feeds needed to display highly accurate and reliable price data on the Pear Market. One of the main benefits of Chainlink Price Feeds is that they feature multiple layers of aggregation to help eliminate single points of failure and ensure Pear Market’s asset prices consistently reference globally accurate market rates.
Our initial integration involves the use of the following Chainlink Price Feeds: USDT/USD, BUSD/USD, and USDC/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.
PearDAO facilitates the trading of on-chain and off-chain assets by allowing users to directly trade with each other on the Pear Marketplace. The types of assets to be traded are determined by DAO members through the Pear DAO voting system.
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.
PearDAO will begin supporting the trading of cross-chain assets in the next phase, and we’re planning to integrate additional Chainlink Price Feeds to supply price data around these new assets.
“Chainlink Price Feeds are the premier market data solution for the blockchain industry as they are consistently accurate and reliable during all market conditions. We look forward to integrating more Chainlink trust-minimized services to bring enhanced functionality to the PearDAO platform.” — PearDAO Team.
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.
About Pearson
PEAR is a decentralized online marketplace. Our goal is to provide an open, free, decentralized marketplace that facilitates the exchange of goods and value using a decentralized payment system (cryptocurrencies), a decentralized marketplace (PEAR network) and a decentralized Moderator (PEAR DAO).
More About PearDAO:
- Twitter: OfficialPearDAO
- Website: Peardao.io
- Meet more Pears on Telegram
