MDEX Integrates Chainlink Price Feeds to Help Calculate Cross-Chain Decentralized Exchange Analytics
We’re excited to announce that MDEX has integrated Chainlink Price Feeds on the HECO and Binance Smart Chain mainnets. By integrating the industry-leading decentralized oracle network, MDEX now has access to high-quality, tamper-proof price feeds needed to help secure the accuracy of platform analytics in DEX ecosystem. This will provide our users with stronger assurances that liquidity provider (LP) rewards and trading volumes on MDEX are calculated using tamper-proof and globally accurate market rates.
The initial integration involves the use of 16 Chainlink Price Feeds on HECO and 14 Chainlink Price Feeds on BSC. 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.
MDEX aims to integrate the advantages of multiple chains to create a high-performance compound DEX ecosystem. The dual mechanism of liquidity mining and transaction mining provides participants with maximum rewards, while transaction fees going towards the MDX repurchase and burn model enable MDEX to achieve a closed, self-driven ecosystem for value capture. MDEX strives to provide one-stop liquidity services for high-quality assets and bring users a safe, reliable, diversified, and cost-effective transaction experience.
In order to help secure the calculation of trade volumes and LP rewards on our platform, 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 use a blockchain 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 are 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 node operators’ historical and real-time performance and oracle networks.
“Chainlink oracles are the best way to obtain a reliable and secure source of market data in the world of DeFi. By integrating Chainlink, we now have access to high-quality price data for a wide variety of assets across multiple blockchains, helping us calculate accurate analytics and provide a more robust platform for our users.” — MDEX team
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.
MDEX.COM supports the decentralized cross-chain transaction protocols of BSC, HECO and ETH, and ranks first in the DEX rankings by CoinMarketCap and CoinGecko. MDEX.COM innovatively combines the different advantages of various basic public chains, and creates a well-rounded and composite DEX ecosystem with high performance. The “dual mining” mechanism of liquidity mining and transaction mining brings greater returns to the participants, and the transaction fee “repurchase and burn” mechanism realizes a closed and self-driven loop for value capture. It runs on the HECO,ETH and Binance Smart Chain (BSC). Users can use MDEX Bridge to realize cross-chain interoperability between HECO, ETH and BSC.
MDEX is committed to establishing a composite DeFi ecosystem that integrates DEX, IMO, and DAO, providing one-stop liquidity services for more high-quality assets, and providing users with a more secure, reliable, diverse, and cost-effective trading experience. For cryptocurrency trading, MDEX.COM is definitely the greater, faster, better and cheaper choice!