Mettalex Expands Chainlink Oracle Integration
Jan 7, 2021
We are pleased to announce that our integration with Chainlink Price Feeds is now expanded to include decentralized price oracles for a variety of new assets including cryptocurrencies, crypto indices, real-world indices, fiat currencies, and the world’s most popular commodities.
Not only will we be leveraging Chainlink oracles on Ethereum, but thanks to the recent integration of Chainlink on Binance Smart Chain, Mettalex will also make use of Chainlink Price Feeds native to the Binance Smart Chain DeFi ecosystem.
Chainlink oracles ensure that opening and settling short or long positions on Mettalex is done in a provably secure and reliable manner reflective of fair market valuations that are inherently resistant to external manipulation. We selected Chainlink as our go-to oracle solution for a number of reasons, including:
- their dedication to providing high-quality price data sourced from data aggregators to prevent flash loan attacks;
- their use of decentralization at the oracle and data source level to ensure high availability and tamper resistance data feeds;
- their commitment to transparency wherein each oracle network and its individual nodes can be monitored in real-time by users.
Mettalex markets supported by Chainlink Price Feeds now include:
- BTC/ETH spread
- FTSE index
- sDEFI index
- sCEX index
We are confident that Chainlink’s Price Feeds will provide Mettalex users with the most optimal oracle solution in the market, as they are both time-tested and proven on mainnet, already securing over $5 Billion in USD value across DeFi. Having access to reliable real-world price data is essential for the provisioning of trading-related services on Mettalex, particularly to accurately price assets, which is then used in opening and closing positions.
“Additionally, since Chainlink already has a large market of live Price Feeds and an established framework for launching new ones, Mettalex was able to quickly introduce these new markets and will continue to do so as demanded by our users.
Chainlink’s secure data feeds were a major driver of DeFi’s growth in 2020. Making use of a broad, decentralized network of professional oracle service providers enables dapp creators to enjoy protection against costly price manipulations and focus their resources on other important aspects of their product. It makes perfect sense to integrate Chainlink and have Mettalex users benefit from a set of robust price feeds.” Humayun Sheikh, Mettalex’s Founder and CEO.
“We’re excited to empower Mettalex to launch a multitude of DeFi markets across a variety of asset classes by supplying them with secure and reliable decentralized price oracles,” said Daniel Kochis, Head of Chainlink Business Development.
“By continuing to expand the number of on-chain Price Feeds available to DeFi users, Chainlink allows great projects like Mettalex to quickly launch new markets, ultimately expanding the number of on-chain financial products available to users around the world.“
Mettalex is a decentralized exchange that enables participants to gain economic exposure to the spot prices and derivatives of commodities and selected digital assets. Mettalex incorporates position tokens which users can trade to get long or short exposure to a market. Unlike ‘option’ contracts that are time-limited, positions in the Mettalex markets are perpetual and get automatically settled once the oracle-reported price breaches either the bottom (Floor) or the top (Cap) of the pre-set band. This enables leverage trading, which is not provided by traditional ‘option’ contracts.
Chainlink is the most widely used and secure way to power universal 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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