UFT Price Oracles now Supported by Chainlink

TL;DR

• Chainlink Price Feeds are now live for UFT
• Major Step ahead of Omnis Launch as UFT/USD will be integrated
• With real-time reliable price data, Lending and Borrowing of UFT will be more Secure and Lucrative
• Many other services will be Integrated with UniLend Omnis for a better user experience

We are excited to announce that UniLend is sponsoring Chainlink price feeds, which will serve as a decentralized price oracle for our token UFT.

Through the support of the industry’s most prominent oracle network Chain Link, our partner projects and prominent DeFi protocols will be able to quickly and securely add support for UFT tokens. Chainlink is our go-to price oracle provider because of its robust, time-tested price feeds in the smart contract market, securing $75B+ in on-chain value for decentralized applications. The price feeds are live on the Ethereum blockchain and will also be supported on Polygon and BSC in near future.

Integration with UniLend OMNIS

One of the first use-cases of UFT/USD price feeds will be its integration on UniLend Omnis to enable lending and borrowing of UFT while ensuring safe and accurate price data. Deploying UFT-USD Chainlink price feed was a top priority for our team to ensure secure price data and avoid price manipulations.

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 from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API/exchange downtime, flash crash outliers, and data manipulation attacks.

Blockchain Agnostic — This is one of the most important features as Chainlink Price Feeds operate at the native speed and support major Blockchains on which UFT is present, making the protocol Blockchain Agnostic.

Superior Infrastructure — One of the major reasons to choose the Chainlink Price Feeds, is that they utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime.

Security — UniLend Finance will use UFT-USD price feed to determine users’ collateralization, borrowing limits and liquidate undercollateralized loans according to global market prices making UFT lending and borrowing as popular as any other major tokens.

Chainlink oracles are of key importance in UniLend Omnis’ development. Omnis will collaborate with multiple protocols to provide the best user experience even from the launch. This includes the use of Push notifications by EPNS, Covalent APIs for data indexing, direct integration with wallets like Math Wallet, and many more with our partner projects.

At UniLend, we envision blockchain adoption for the mainstream by developing a scalable and multichain interoperable solution. This marks another step closer to the launch of UniLend Omnis which will provide secure and reliable lending & borrowing of UFT token pairs backed by Chainlink price oracles.

About Chainlink

Chainlink is the most widely used oracle network for powering hybrid smart contracts, enabling any blockchain to securely access off-chain data to on-blockchain smart contracts via oracles. 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.

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