ChainLink to Power the Celsius Network Ecosystem

Friday 30 October 2020, 1:06 AM AEST - 3 months ago

Summary:

  • Celsius Network has integrated 35 Chainlink price feeds
  • ChainLinks price oracles will be used to provide real-time reliable data for DeFi products on the Celsius Network
  • ChainLink has also launched its ZRX/ETH price feed to further boost the DeFi industry
  • Coinfirm is also using ChainLink oracles for its AML processes

The adoption of the ChainLink (LINK) network to power DeFi platforms continues to expand at an impressive rate. Earlier today, the team at ChainLink announced that the Celsius Network has integrated 35 of its price feeds to provide accurate data for DeFi products on the latter platform. Below is the announcement from the team at ChainLink regarding the same.

.@CelsiusNetwork has integrated 35 Chainlink Price Feeds to power its pricing services. This includes checking user balances in the Celsius Explorer App, in back-office pricing systems, and upcoming tracking of users weekly rewards & Ethereum gas prices. https://t.co/UBUU8YJk8L

The ChainLink price feeds are for the majority of the top digital assets as well as stablecoins and FX rates. They will be used in crucial components of the Celsius ecosystem such as enabling users of the Celsius explorer app to check their balances and transactions. ChainLinks price feeds will also power lending and borrowing rates on the Celsius app as well as determining upcoming upgrades such as user rewards and up to date ETH gas fees.

Celsius CEO Alex Mashinsky further explained that the partnership with ChainLink will boost decentralization and increase the transparency of the platform.

Our partnership with Chainlink is a key driver to the gradual decentralization and increased transparency of the Celsius platform as a whole. Instead of completely overhauling our successful business model, we are able to use Chainlink to decentralize critical pieces of our systems like pricing, monitoring, and in-app functions, ...

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