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Chain Integrates Chainlink Price Feeds to Help Calculate the Value of Staking Rewards and Governance Tokens in USD

Chain Integrates Chainlink Price Feeds to Help Calculate the Value of Staking Rewards and Governance Tokens in USD

We’re excited to announce that the Chain protocol has integrated Chainlink Price Feeds on Ethereum Mainnet. By integrating the industry-leading decentralized oracle network, Chain has access to high-quality, tamper-proof price feeds needed to calculate the USD value of staking rewards earned in XCN — the native cryptocurrency and governance token for the Chain protocol. Ultimately, this integration helps keep users informed about the value of their assets in USD as they accumulate XCN staking rewards.

Our initial integration involves the use of the following Chainlink Price Feeds: XCN/USD. 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.

Chain is a blockchain-based technology company that provides infrastructure software services for organizations that are building their products from the ground up. Chain’s native digital asset, XCN, has utility in the Chain ecosystem of products through staking, governance, payments, access, and fee discounts. XCN is also the native governance token for the Chain Protocol, which hosts the Chain DAO. Members can vote on-chain for protocol improvements, community events, and grants. They can also stake their tokens to secure the network.

In order to access secure price data on Ethereum Mainnet, 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 is 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.

“Our integration with Chainlink gives us access to secure price feeds that ultimately help our users track the USD value of their digital assets. There’s no reason to settle for anything less than the best price data on the market, which are undoubtedly Chainlink Price Feeds” — Chain CEO, Deepak Thapliyal

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. 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.

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 Chain

Chain is a blockchain infrastructure solution company that has been on a mission to enable a smarter and more connected economy since 2014. Chain offers builders in the Web3 industry services that help streamline the process of developing, and maintaining their blockchain infrastructures. Chain implements a SaaS model for its products that address the complexity of overall blockchain management. Chain offers a variety of products such as Ledger, Cloud, and NFTs as a service. Companies who choose to utilize Chain’s services will be able to free up resources for developers and cut costs so that clients can focus on their own products and customer experience. Learn more: chain.com/Whitepaper.pdf