WePiggy Uses Chainlink Price Feeds to Support Rapid Expansion Across the Multi-Chain Ecosystem
“Thanks to the high security assurances provided by Chainlink’s battle-tested infrastructure, new users will try our lending protocol with more confidence.”
user growth since Chainlink integration
WePiggy is a non-custodial lending protocol. On WePiggy, users can borrow cryptocurrencies or deposit their assets to earn interest. WePiggy aims to support a wide range of cryptocurrencies, reduce transaction costs by optimizing its smart contracts, and give users access to advanced financial tools, such as flash loans. As of June 2022, WePiggy is deployed on 11 networks: Arbitrum, Aurora, BNB Chain, Ethereum, Harmony, HECO Chain, Moonriver, Oasis, OKX Chain, Optimism, and Polygon.
WePiggy Needs Access to Reliable Market Data to Support Its Lending Markets
WePiggy needed reliable oracles in order to securely issue, close, and liquidate loans.
Centralized oracle solutions are subject to single points of failure.
Expanding across the multi-chain ecosystem means creating its own oracles would be risky and time-consuming.
Reliable price data is a critical component of lending markets. It’s used to open, close, and liquidate loans and help ensure protocol solvency. If the price data used by a lending protocol is unreliable, the protocol can become undercollateralized, leading to a loss of funds for users or the protocol.
To avoid this problem, some DeFi projects opt to create their in-house oracle solutions. This not only takes up precious development resources, it also presents numerous security challenges and exposes the protocol to single points of failure, manipulatable data and pricing methodologies, and network and API downtime. The WePiggy team needed a battle-tested oracle solution that features multiple levels of decentralization and numerous security techniques to help it execute its multi-chain strategy and scale its lending product without having to compromise on security and decentralization.
“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.”
Victor Zorro, Co-founder, WePiggy
Low-quality data and centralized oracles result in unreliable smart contracts.
WePiggy Integrated Chainlink Price Feeds, Enabling It to Quickly and Securely Scale Its Lending Markets
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.”
Victor Zorro, Co-founder, WePiggy
Chainlink Price Feeds provide secure price data for WePiggy.
WePiggy Can Execute on Its Multi-Chain Strategy Without Compromising on Security
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.
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