Nord Finance to seamlessly integrate Chainlink’s decentralized oracle network to power DeFi.
Great update! Nord Finance integrates with Chainlink. Its ecosystem gets much secure, reliable, and stronger with this integration. The leading data network will be an important part of Nord Finance’s long-lasting success.
The Chainlink’s decentralized oracle network is very key in providing reliable, tamperproof data upholding the aspects of accuracy gotten from a decentralized off-chain data network. This integration will aid Nord Finance’s comprehensive ecosystem and platform users to be bestowed with exceptional data sources, hereby being in synch with the vision of Nord which involves simplifying DeFi investments. It is important to leverage robust infrastructure to preserve the digital financial assets and interest of all platform users
Solving the data issue through decentralized oracles
Data is a significant aspect that serves as a foundation for financial transactions in a decentralized financial landscape. To aid and hasten the smooth flow of transactions in finances, deriving correct and reliable data is of top importance. The blockchain oracles solve this problem by getting real-time off-chain data on the blockchains by employing various processes. The oracle is to extract and feed real-time market data to smart contracts deployed on the blockchain to drive the overall platform utility based on the underlying logical reasoning.
Therefore performing native oracle functions on the blockchain forming consensus is not rational nor viable due to the increased number of API subscriptions that is needed for each node participating in a distributed network. Chainlink’s smart oracle network solutions depend on independent nodes and oracle networks to call APIs. This makes the process unbiased. Making maximum use of Chainlink’s price oracles in self-executable contracts is the most seamless mechanism to evaluating digital financial assets’ prices with a single function call that Chainlink has.
Nuances of the Nord Finance- Chainlink Integration to simplify DeFi investments for users
Chainlink’s oracles will provide secure asset prices when deployed in the loans liquidation engine to safeguard users from any malicious threats due to under collateralization.
Nord finance will employ Chainlink’s integration for deriving multi-asset price feeds for its automated robo-advisory services that allow users to invest in a goal-oriented portfolio in tandem with their financial goals.
Chainlinks price feeds will provide accurate, reliable, and transparent data that relates to accessing the Nord savings stable coins price on the Ethereum Network, Binance Smart Chain, and Polygon.
Nord Finance’s asset price feeds will witness the integration of Chainlink’s price oracles, thus driving adoption as a select platform for data needs in the DeFi landscape.
The Chainlink’s price oracles will be employed by Nord finance’s ecosystem allowing platform users to retrieve accurate and reliable price data of the crypto assets in their portfolio. Thus users will be able to hold better positions to maximize returns
This is just the foundation of greater goals that Nord Finance has. With Chainlink’s integration, Nord finance will boost increased security and reliability in the dynamic DeFi landscape, thus making known DeFis full potential
Ushering the DeFi sphere through accuracy and reliability
Integrating Chainlink into Nord finance’s ecosystem will aid to strengthen the product functionalities and also build in trust and confidence. The partnership will aid in pushing DeFi boundaries, thus exploring other new frontiers with a futuristic view
Amarnath Reddy, CEO of Nord Finance said.
“Price oracles play an important role for Nord Finance’s product ecosystem to effectively work with our current product portfolio. We are glad to have integrated Chainlink for providing multi-chain oracle feeds which are more secure and reliable. Chainlink’s price feeds on the backend will help in achieving Nord Finance’s goal successfully”
Chainlink is a decentralized oracle network to power smart contracts’ functionalities by enabling real access to data without sacrificing the security and reliability that blockchain technology upholds. It employs highly secure and robust infrastructure, which provides a reliable, tamper-proof network to drive smart contracts’ performance. It is a leading data solution contributing to a larger ecosystem consisting of Dapps, games, DeFi (decentralized finance), insurance, and various others.
About Nord Finance
Nord Finance, a blockchain agnostic platform, is an advanced decentralized financial ecosystem that simplifies decentralized finance products for users by highlighting traditional finance’s key attributes. Deployed on the Ethereum Network, it integrates multi-chain interoperability, thus proposing a plethora of financial primitives, which constitute savings, advisory, loans against assets, investment/funds management, and swaps.