Flux protocol announces that Chainlink has been adopted in BSC

Original source: Flux protocol

Flux Protocol Announces Chainlink Predictor to Drive Its Multi-Chain Lending Development: First Stop -- Binance Smart Chain

We are pleased to announce that the Flux protocol has been incorporated on the BSC mainnet. Chainlink  Feeding price to support the development of our multi-chain decentralized loan agreement. As an industry-leading network of decentralized forecasters, ChainLink Forecasters will provide the most accurate, tamper-proof, and highly reliable price reference data for our loan markets in the Web3 ecosystem, ensuring that all loans are issued at fair market prices and that agreements remain fully secured at all times.

The Flux protocol will first use the ChainLink Feeding service to determine value in the following assets: BTCB, ETH, BUSD, USDC, BUSD-T, DAI and BNB. We can also easily extend our ChainLink integration to support more assets in the future based on community needs.

The Flux protocol is an automated lending platform that offers scalable DEFI products across multiple blockchains (starting with Conflux, followed by BSC Chain, HECO, etc.). One of the fundamental elements of our DEFI product suite is the availability of accurate, up-to-date and tamper-proof price data directly on the chain.

This is important because the value of the assets put into the agreement as collateral determines the user's ability to borrow. Accurate prices are also used to calculate a borrower's mortgage rate, which ensures that enough collateral is locked in to repay outstanding loans. Liquidation of the user's collateral is triggered when the mortgage rate falls below a certain threshold (for example, 150%). In this way, the feeding service is critical to maintaining the continued solvency of the Flux agreement.

After evaluating different Prophet solutions, we found that ChainLink provides the highest quality data and time-tested Prophet security. Chainlink's feed predictor solution provides several strong guarantees for the Flux protocol around its predictor mechanism, such as:

· Accurate data -- ChainLink Price Feed draws its source data from a number of advanced data aggregators such as BraveNewCoin and AmberData, each of which pulls price data from all relevant exchanges and weights it by volume. This method ensures that the feeding information is accurate and can resist market manipulation attacks, such as those performed using flash loans.

· Reliable Nodes -- ChainLink Feeds are protected by a large number of independent, security-vetted Prophet Node Operators run by leading blockchain DevOps. ChainLink node operators are resistant to Sybil attacks and have a long history of maintaining long-term uptime even in times of high gas costs and extreme network congestion.

· Decentralized infrastructure -- The ChainLink Feeding service remains decentralized at both the data source and the predictor node level to eliminate major points of failure in the acquisition and delivery of on-chain pricing data.

· Transparent network -- real-time tracking of ChainLink feeds through open source visualization and on-chain monitoring. This transparency of network performance enables users to verify that they are getting fair market value.

Visualization of Chainlink BNB-USD Feeding (https://data.chain.link/bnb-usd)

ChainLink also works with blockchain agnostics and has native integration with many of the blockchains supported by the Flux protocol initiative. In addition, ChainLink Feeder is a pre-built "plug and play" Prophet solution that eliminates the need for users to redevelop and maintain the Prophet solution. This frees up the Flux engineering team's resources so it can focus more on the loan product itself! In the future, we will use the ChainLink Predictor to power our Flux V2 leveraged lending platform.

Flux founder Robin said:

"We are pleased to use the ChainLink Feeding service to perform core lending operations on the Flux protocol, especially because ChainLink provides a powerful price prediction solution, as well as the highest quality price data. The Flux protocol will be able to rely on the ChainLink Prophecer to achieve secure prices on BSC, HECO, Conflux and various other blockchains, ultimately accelerating our mission to become a true multi-chain lending platform."

About Chainlink

ChainLink is the most mainstream blockchain predictor in the market, providing security for generally-connected smart contracts. It is compatible with any blockchain environment and can connect to all quality data sources on and off the chain. The ChainLink community, which has hundreds of thousands of members around the world, is responsible for the governance of ChainLink and is committed to improving the fairness of smart contracts.

The ChainLink network currently provides security for smart contracts worth billions of dollars across sectors as diverse as Decentalized Finance (DEFI), Insurance and Gaming.

Chainlink is currently providing authoritative facts to hundreds of businesses and organizations through a safe and reliable pricing mechanism.

For more information, go to chain.link, subscribe & NBSP;Chainlink news"And follow @ChainLink on Twitter.

About Flux

Flux is a decentralized, secure and unmanaged lending agreement developed by Zero One team. It is a cross-chain lending platform incubated by Conflux ecology and successively deployed on Conflux, BSC, HECO, Okchain, ETH and other public chains. Flux has improved in interest rate model, mortgage model, settlement logic and other aspects, and the contract call cost is low, the execution efficiency is high, and the experience is more friendly. Flux will certainly build a more abundant decentralized lending market.

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