We’re excited to announce BaksDAO, a DeFi lending and borrowing platform, has integrated Chainlink Price Feeds on BNB Chain. By integrating the industry-leading decentralized oracle network, BaksDAO has access to high-quality, tamper-proof price feeds needed to help value collateral deposits and stabilize the platform’s algorithmic stablecoin BAKS. This will provide our users with stronger assurances that loan amounts are determined and issued based on accurate, high-quality price data. 

Launch App Baksdao.Finance

Our initial integration involves the use of the following Chainlink Price Feeds: 

  1. BNB / USD
  2. BTC / USD
  3. ETH / USD
  4. USDT / USD

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

BaksDAO is a lending and borrowing platform with a fully working product, available now on Baksdao.Finance. The project currently offers high yields to lenders and affordable loans to borrowers. BaksDAO also offers its users credit against a wide range of collateral types, including NFT collateral from GameFi and metaverse projects. 

In order to help secure our cryptocurrency lending and deposit function, 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 as our primary oracle solution because its infrastructure is easy to integrate and time-tested in production. Chainlink enables new functionality for a variety of use cases, which has opened up the possibility to improve and develop new projects like Baksdao.Finance.”—Eduard Kim, BaksDAO co-founder

About Chainlink

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.

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 BaksDAO

BaksDAO is a cryptocurrency investment management product through credit and deposit offerings implemented on the BNB Chain blockchain. The Baksdao.Finance platform offers open-ended loans and high rewards while depositing cryptocurrency. Management of the platform is in the hands of a decentralized community and is done through voting by BDV token holders. The BAKS Algorithmic Stablecoin is a working token and is traded on the exchange.

Learn more about BaksDAO at baksdao.com or in the BaksDAO White Paper. To discuss integration, contact an expert.

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40441cookie-checkBaksDAO Integrates Chainlink Price Feeds to Help Calculate the Value of Collateral on Its DeFi Protocol