OpenDeFi Integrates Chainlink Oracle for Gold and Silver Price Feeds -

OpenDeFi by OroPocket is pleased to announce the integration of Chainlink Oracles for the price updation of its real world assets. We are using the Chainlink-powered gold and silver Price Feed oracles (XAU/USD & XAG/USD) live on mainnet to price tokenized precious metal assets on our platform. As a market-leading decentralized oracle solution, the Chainlink Network delivers secure and reliable price data to our smart contracts, ensuring that trading and maintaining collateralization of these tokenized assets remain in accordance with the fair market price of the real-world assets they represent. Currently, the entire cryptocurrency landscape is nearly $400 Billion in total value, whereas a single institutional investment fund such as Fidelity has $3.3 Trillion under management. OpenDeFi aims to build a bridge between these traditional financial institutions and the still somewhat nascent world of DeFi. The North Star metric for our work is to attract large scale institutional investment to DeFi, by removing barriers to institutional investment such as those around custody and representing real-world assets on the blockchain.  OpenDeFi gives investors access to tokenized gold and silver that is fully insured and held by a trusted custodian. These features allow us to offer trades with no price slippage, provide flash loans using tokenized gold and silver as collateral, and pay out yield on users’ staked tokens, which are operating as collateral in the protocol. At OpenDeFi, there is no price slippage, which means we need highly accurate price feeds to determine fair exchange rates. In keeping with our decentralized roots, we do not use asset prices sourced from any single exchange or single oracle node. Instead, we use decentralized oracle networks to deliver aggregated price data sourced from across all exchanges, both centralized and decentralized, and weighted by key metrics like volume.This is why our work with Chainlink is such a major milestone—Chainlink is the most robust, widely used and secure oracle solution in production today. They already secure over $4 Billion worth of assets used within DeFi protocols thanks to unparalleled focus on data quality, oracle network security, transparency, and ease of use for development teams. Chainlink Price Feeds are powered by decentralized oracle networks consisting of numerous independent, Sybil-resistant nodes that collectively source prices from multiple premium data aggregators as opposed to single exchanges. The nodes’ responses are then aggregated to form a highly reliable and manipulation-resistant on-chain price that our smart contracts reference to price assets when executing a no-slippage trade or checking a user’s collateralization ratio. Chainlink Price Feeds are highly transparent, with open visualizations that allow anyone to independently monitor the real-time performance of the oracle network and its individual nodes. The beginning of the OpenDeFi journey has been with a tremendously successful MVP tokenising Gold and Silver, and the success we have seen since being one of the few DeFi projects with an actual live MVP in the market that customers can use, test and gain value from has been nothing short of amazing.We continue to add more asset classes as well as financial services such as an asset-backed Debit Card that can be used anywhere, anytime to utilise the 100% liquidity that we offer. Another feature is the chance for users to stake their assets and earn yield from what would otherwise have been “sitting” assets.About deploying Chainlink Oracle on OpenDefi, our COO Tarusha Mittal had insightful things to say: “Chainlink as a project has been one of the most trusted in the space for a while now, and we couldn’t be more excited to work with them.” 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. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. Docs | Discord | Reddit | YouTube | Telegram | Events | GitHub | Price Feeds | DeFi | VRF OpenDeFi is an open finance protocol by OroPocket, aimed at bridging the gap between physical assets and DeFi. It allows users to invest in real world assets that are 100% insured. Users can also get instant loans or earn yield based on their holdings. Website Telegram community Announcements channel Twitter