LBank is a global trading platform that has been facilitating cryptocurrency exchange since 2015. The firm specializes in crypto trading, derivatives, and management services. LBank leads the market with 6.4 million users from more than 200 regions around the globe. This trading platform has recently announced its plans to integrate with ChainLink to get secure price feeds into the platform.
There is an actual demand in the digital asset market for secure and reliable price feeds. This is the reason why the oracle solutions are taking decentralized finance by storm. ChainLink, being a pioneer in this field, has been forming several integral partnerships recently. LBank would not be the first deal ChainLink has signed so far in 2022. Recently, other leading trading platforms like MDEX and Augmented Finance have signed a deal with ChainLink for getting price feeds. Have these partnerships added to the value of LINK? Find out more from this ChainLink price prediction.
So what is it that makes this project standalone from the rest? ChainLink is a secure Oracle network powered by smart contracts. They mainly design Oracle services to be sold to another blockchain. The data packets used by ChainLink are secure and tamper-proof, giving the platforms an easier gateway to connect to external data providers without having to compromise the security. These services use state-of-the-art tools of calculation for bringing precise price feeds and better valuation for the assets.
LBank has stated that the platform was previously using mark price just like any other exchange platform. It was supposed to help with preventing unnecessary liquidations during volatile positions in the market. But, the platforms have to connect and refer to each other during this process, and it could affect the quality of the price feeds when the market is highly volatile. So, they eventually needed a solution for getting new price feeds that could be sent directly to the platform. That is where ChainLink comes in.
As far as oracle solutions go, ChainLink is currently dominating the industry. The project is reputed for using high-quality data sources to derive the price feeds from. Additionally, the verified nodes from ChainLink have the best historical and statistical data when it comes to reliability and accuracy. The reputation system allows the users to verify the nodes and monitor their actions, bringing the most transparent oracle system out there. Finally, with decentralization, the data remains untouched and immutable with zero risk of tampering.
The risks of data attacks and other cyber threats are reduced to a minimum while accessing third-party data sources and when the traffic load reaches the maximum level. Also, it currently helps secure several trading platforms responsible for billions of dollars in the DeFi sector. And just like that, ChainLink is all set to be integrated for enhancing the deals in futures, lending, derivatives, etc., on the LBank platform.