We’re excited to announce that Steadefi—a protocol for optimizing risk-adjusted DeFi strategies—has integrated Chainlink Price Feeds on the Avalanche and Arbitrum mainnets. By integrating the industry-leading decentralized oracle network, Steadefi has access to high-quality, tamper-proof price feeds needed to help accurately track the value of lending and strategy vaults. This will provide our users with stronger assurances that our lending and strategy vaults are underpinned by high-quality, tamper-proof price data.
Our initial integration involves the use of the following Chainlink Price Feeds: AVAX/USD, ETH/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.
Steadefi is a next-gen DeFi protocol designed to make capital-efficient, risk-adjusted strategies accessible to everyone. Integrating with a diverse set of the most trusted protocols, we provide our users with a variety of carefully-designed strategy vaults, all featuring automated position management with tightly-controlled leverage.
In order to help secure our lending and strategy vault calculations, including rebalancing and APR calculations, 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 network 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 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.
Steadefi previously joined Chainlink BUILD to maximize the benefits of security, reliability, and advanced functionality that Chainlink Web3 services provide. Along with enhanced technical support for this integration, Chainlink BUILD projects receive access to new Chainlink product alpha and beta releases, exposure to the vibrant Chainlink community, and more.
Providing accurate and tamper-proof price data to our lending and strategy vaults in a timely manner is critical for our DeFi protocol, which is why we integrated the industry-standard Chainlink Price Feeds. The security track record of the Chainlink Network is unparalleled and we look forward to expanding our Chainlink integration with additional Web3 services in the future.—Jeff Lam, Project Lead of Steadefi
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
Steadefi is an advanced leveraged yield aggregator that focuses on maximizing yields from a variety of sources while managing market risks automatically. By providing undercollateralized leverage to automated yield strategies, Steadefi caters to both risk-on yield seekers and risk-off lenders. Their current featured strategy vault is the 3x Long GLP Vault built on the GMX perpetual trading platform.