We are excited to announce that the Orbs network is now one of the sponsors for the Chainlink Reference Data Networks!
Following the successful integration of the Chainlink Price Feeds into the Orbs Liquidity Nexus protocol, Orbs has been accepted as a sponsor of Chainlink’s USD pairs, and also specifically the ETH/USD pair, Reference Data Networks.
Chainlink Reference Data Networks is the market-leading standard for providing highly reliable data to smart contracts, made up of the largest collection of sybil resistant oracle node operators currently available on any blockchain. Chainlink Reference Data Networks has consistently provided highly accurate, highly reliable, and decentralized market price data using a large pool of secure node operators that serve a growing list of Price Reference Data Contracts.
Source: Chainlink 2019 EOY | Charts and State of the Network
Orbs Integrates Chainlink Price Feeds to Secure Single-Sided Farming Against Flash Loan Attacks
This sponsorship is another step forward in the collaboration between Chainlink and the Orbs team. In this recent Liquidity Nexus blog post, we discussed at length and provided simulations of possible attack scenarios and exploits originating with a flash loan to artificially manipulate the ETH/USD price.
The blog also showcases the solution used to solve this issue – integrating the Chainlink Price Feeds market data as a robust market data source from many independent premium data aggregators, who each generate a volume-weighted average price across the entire crypto trading market.
Read more here:
Following this successful integration, Chainlink has now decided to add Orbs as an official Price Feed sponsor.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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About Liquidity Nexus by Orbs
Orbs have been very active in the DeFi space in the last year and is now launching its first public DeFi product under https://nexus.orbs.com/.
Utilizing our expertise in bridging the gaps between the centralized world and the new decentralized one, Orbs recently introduced the concept of the Orbs Liquidity Nexus. The Orbs Liquidity Nexus creates a pathway for CeFi-sourced liquidity to enter DeFi by matching their capital denominated in stablecoins to that of crypto natives denominated in more volatile cryptocurrencies, and combining those to engage in yield farming strategies that neither would be able to access on their own.
This project, and other similar ideas that could be developed on Orbs, have the potential to solve many of the obstacles currently facing the broader world of DeFi as it expands, while also bringing significant value and usage to the Orbs Network itself.
For more detail on the Orbs Liquidity Nexus and the vision of single-sided farming, see the following blog posts:
Single-Sided Farming on Any DEX Via Orbs Liquidity Nexus – Part 1, Part 2, and Part 3.