Bolide Finance Integrates Chainlink Price Feeds To Help Power Algorithmic Trading Strategies


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    We’re excited to announce that Bolide Finance—a decentralized yield aggregator providing users with access to market-leading yields—has integrated Chainlink Price Feeds on BNB Chain mainnet. By integrating the industry-leading decentralized oracle network, Bolide Finance now has access to high-quality, tamper-proof price feeds needed to help power algorithmic trading strategies interoperating across a variety of DeFi protocols. This will provide our users with stronger assurances that lending and borrowing operations are underpinned by accurate prices and will function as required.

    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.

    Bolide Finance is a DeFi yield aggregator that enables users to simply deposit their digital assets into Bolide Vaults (a collection of smart contracts) and begin receiving yield. On the backend, Bolide’s smart contracts put the assets to work through algorithmic-based selections of various lending and farming protocols, abstracting away the operations and conversions required to extract yield. This helps provide users with a seamless, one-stop, and maintenance-free DeFi experience.

    In order to help secure and monitor the efficacy of the algorithmic trading strategies employed by Bolide Finance’s smart contracts, 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.

    “Chainlink Price Feeds are a staple of the DeFi ecosystem and the industry standard for DeFi protocols that rely on price data. Bolide Finance is no exception, and we’re thrilled to leverage best-in-class price data infrastructure to help power our current operations and future expansions. ”—0xBid, co-Founder of Bolide Finance.

    About Chainlink

    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.

    About Bolide Finance

    Bolide.fi is a DeFi platform that optimizes yield and provides a simple self-custody solution. Its user-friendly interface and "deposit-n-go" approach allow for easy deposits in BTC, ETH, stablecoins, and altcoins. Bolide.fi uses intelligent AI strategies to automate yield farming tasks, reducing risks and protecting users from impermanent losses and liquidations.

    Bolide offers one of the highest APYs for single-asset deposits, allowing thousands of users to earn passive income without restrictions such as lock-up periods or deposit limits. Invested funds are stored as collateral and can be withdrawn at any time. Bolide underwent an audit by Hacken, and a second audit is currently underway to ensure the safety of the smart contracts.

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