Nord Finance to seamlessly integrate Chainlink’s decentralized oracle network to power DeFi.
We are extremely proud to announce that today Nord Finance’s ecosystem becomes immensely stronger, secure, and reliable with the integration of Chainlink. The leading decentralized data network will be an integral part of Nord Finance’s long-term success.
The Chainlink’s decentralized oracle network is instrumental in conferring reliable, tamperproof data upholding the aspects of accuracy derived from a decentralized off-chain data network. The integration will witness that Nord Finance’s comprehensive ecosystem and platform users will be bestowed with exceptional data sources, thus resonating with Nord’s vision of simplifying DeFi investments. As we envision DeFi to transition to mainstream adoption, it is imperative to leverage robust infrastructure to protect the digital financial assets and interest of the platform users.
Solving the data issue through decentralized oracles
In a decentralized financial landscape, data is a significant aspect that serves as a foundation for financial transactions. To facilitate the smooth flow of financial transactions in a dynamic landscape, deriving accurate and reliable data is of utmost importance. The blockchain oracles address this issue by fetching real-time off-chain data on the blockchains by employing various processes. The primary utility of the oracle is to extract and feed real-time market data to smart contracts deployed on the blockchain to drive their overall platform utility based on the underlying logical reasoning.
Therefore performing native oracle functions on the blockchain forming consensus is not viable and rational due to the increased number of API subscriptions required for each node participating in a distributed network. Chainlink’s smart oracle network solutions rely on independent nodes and oracle networks to call APIs. This efficiently makes the entire process unbiased. Leveraging Chainlink’s price oracles in self-executable contracts is the most seamless mechanism to evaluate digital financial assets’ prices in the real world with a single function call that Chainlink possesses.
Nuances of the Nord Finance- Chainlink Integration to simplify DeFi investments for users
- Chainlinks price feeds will provide accurate, reliable, and transparent data relating to accessing the Nord savings stablecoins’ price on the Ethereum Network , Binance Smart Chain and Polygon.
- As a part of future prospects, Nord finance will employ Chainlink’s integration for deriving multi-asset price feeds for its automated robo-advisory services that allow users to invest in a goal-oriented portfolio in tandem with their financial goals.
- Chainlink’s oracles will provide secure asset prices when deployed in the loans liquidation engine to safeguard users from any malicious threats due to under collateralization.
- Nord Finance’s asset price feeds will witness the integration of Chainlink’s price oracles, thus driving adoption as a select-platform for data needs in the DeFi landscape.
- The Chainlink’s price oracles will be employed by Nord finance’s ecosystem allowing platform users to retrieve accurate and reliable price data of the crypto assets in their portfolio. Thus users will be able to hold better positions to maximize returns.
We believe that this is just the foundational stone of the future developments we aim to synergize for. With Chainlink’s integration, Nord finance will boost increased security and reliability in the dynamic DeFi landscape, thus unleashing the true potential of DeFi.
Ushering the DeFi sphere through accuracy and reliability
Integrating Chainlink into Nord finance’s ecosystem will strengthen the product functionalities and essentially instill trust and confidence. The union will help push the boundaries of DeFi, thus exploring new frontiers with a futuristic approach.
Amarnath Reddy, CEO of Nord Finance said
“Price oracles play an important role for Nord Finance’s product ecosystem to effectively work with our current product portfolio. We are glad to have integrated Chainlink for providing multi-chain oracle feeds which are more secure and reliable. Chainlink’s price feeds on the backend will help in achieving Nord Finance’s goal successfully”
Chainlink is a decentralized oracle network to power smart contracts’ functionalities by enabling real access to data without sacrificing the security and reliability that blockchain technology upholds. It employs highly secure and robust infrastructure, which provides a reliable, tamper-proof network to drive smart contracts’ performance. It is a leading data solution contributing to a larger ecosystem consisting of Dapps, games, DeFi (decentralized finance), insurance, and various others.
About Nord Finance
Nord Finance, a blockchain agnostic platform, is an advanced decentralized financial ecosystem that simplifies decentralized finance products for users by highlighting traditional finance’s key attributes. Deployed on the Ethereum Network, it integrates multi-chain interoperability, thus proposing a plethora of financial primitives, which constitute savings, advisory, loans against assets, investment/funds management, and swaps.
At Nord Finance, we build a one-stop advanced decentralized financial ecosystem to serve the rising needs targeting novice users and professionals to meet their financial goals.