WePiggy requires tamper-proof, high-quality asset price data to help it securely issue, close, and liquidate loans at accurate market prices.
WePiggy integrated Chainlink Price Feeds on several networks to help secure its lending markets and enable it to rapidly expand across the multi-chain ecosystem.
“Security should always be the top priority for a lending protocol. Many security incidents in DeFi happen as a result of unreliable oracles. This is why it was crucial for our team to find the oracle solution held to the highest security standards.”
After carefully reviewing the oracle solutions available on the market, the WePiggy team decided to integrate Chainlink Price Feeds to bring high-quality pricing data to its borrowing and lending platform. Chainlink Price Feeds are the industry-standard price oracle solution, with over 900+ decentralized oracle networks running in production collectively helping secure tens of billions of dollars for leading DeFi applications across a multitude of blockchains and layer-2 networks.
Chainlink Price Feeds are able to maintain a high level of uptime and data quality by using multiple layers of aggregation that protect against single points of failure and help ensure that each oracle report reflects the fair-market price of assets. Moreover, Chainlink Price Feeds source volume-weighted data from multiple premium aggregators for comprehensive market coverage during any market or network conditions.
“With Chainlink Price Feeds, our lending markets are more resilient against oracle manipulation attacks, ultimately making our protocol more secure.”
With Chainlink Price Feeds integrated into its lending and borrowing markets, WePiggy is able to seamlessly expand across the multi-chain ecosystem by connecting to secure market data feeds covering dozens of off-chain and on-chain assets, such as cryptocurrencies, stablecoins, foreign exchange pairs, commodities, and indices.
By integrating Chainlink Price Feeds, WePiggy can save on development costs and time and connect to decentralized architecture that helps it achieve its goals faster, more efficiently, and with stronger security. With secure pricing infrastructure underlying user borrowing positions on WePiggy, DeFi users are able to more confidently make use of the lending platform to unlock idle liquidity and earn yield.