We’re excited to announce that Granary, a cross-chain lending protocol, has integrated Chainlink Price Feeds on Avalanche, Ethereum, Fantom, Harmony, and Optimism mainnets. By integrating the industry-leading decentralized oracle network, Granary now has access to high-quality, tamper-proof price feeds needed to help keep accurate track of prices for various blue-chip assets on multiple networks. This will help provide our users with stronger assurances that liquidations, interest calculations, and overall protocol solvency are in a healthy state at all times.
Our initial integration involves the use of the following Chainlink Price Feeds:
- BTC-USD (Avalanche, Ethereum, Fantom, Harmony, and Optimism)
- DAI-USD (Avalanche, Ethereum, Fantom, Harmony, and Optimism)
- ETH-USD (Avalanche, Ethereum, Fantom, Harmony, and Optimism)
- USDC-USD (Avalanche, Ethereum, Fantom, Harmony, and Optimism)
- USDT-USD (Avalanche, Ethereum, Fantom, Harmony, and Optimism)
- BOO-USD (Fantom)
- LINK-USD (Fantom)
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols 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.
Granary is a lending protocol designed to provide a more interesting and fun experience while still maximizing LTVs and minimizing the reserve factor (the amount of interest the protocol takes as a fee). Granary has a focus on safety and security, and is backed by Byte Masons, a security-focused developer group.
In order to help secure our lending protocol, we needed access to fresh 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. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
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.
“We chose Chainlink Price Feeds as our primary oracle solution because it is clearly the most battle-tested and secure solution on the market today for the type of digital assets available on our protocol.” – Flu, Co-Founder of Granary Finance
Chainlink is the industry standard 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, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Granary is a lending protocol born out of the desire to have a safe and secure market where users can maximize the value of their assets. With a custom liquidation engine, higher loan-to-value ratios are possible, and the platform likely features the lowest reserve factor of any currently operating lending protocol.