Lava Financial Integrates Chainlink Price Feeds to Help Secure Price Calculations for Node Creation

We’re excited to announce that Lava Financial has integrated Chainlink Price Feeds on Avalanche main-net. By integrating the industry-leading decentralized oracle network, we now have access to the highest quality, tamper-proof price feeds needed to verify various market prices and accurately calculate prices when minting new nodes on our network. This will provide our users with stronger assurances that these mints are fairly distributing tokens based on the most accurate and up-to-date market prices.

Our initial integration involves the use of the following Chainlink Price Feeds: USDC, wAVAX, wBTC, and wETH. We chose Chainlink as our oracle solution because its infrastructure is seamless to integrate and has proven itself time-tested in reliability. Chainlink already helps secure leading DeFi protocols which are 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.

Lava Financial is aiming to revolutionize the node and DeFi-as-a-Service space by being the first to offer self-sustainable rewards to its users. We will utilize methods such as aggressive treasury management, in-house sister projects, angel investments, and creative node minting mechanics to generate multiple streams of revenue.

In order to help secure price calculations for node minting, we needed access to secure 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.

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’s 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 Price Feeds allows us to provide further transparency for the users on our platform. Beyond price feeds, we intend to use Chainlink VRF, a tamper-proof and verifiably random number generator, in some of our upcoming sister projects.

We have chosen to leverage Chainlink for its strength as an oracle provider, ensuring our platform is constantly being supplied with the most accurate price data available, supported by the most secure and decentralized oracle infrastructure available. — The Lava Financial Core Team

About Chainlink

Chainlink is the industry leader 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.

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 Lava Financial

Lava Financial is a hybrid DaaS on Avalanche working to solve the sustainability issues faced by other node projects through a unique revenue share model.

Learn more about Lava Financial on our website at lava.financial, reading our white paper, or by joining our Discord to talk to the team directly.