Larix is Now Using Chainlink Price Feeds to Help Secure Lending and Borrowing Operations on Solana
We’re excited to announce that the metaverse-based finance protocol Larix is switching to Chainlink Price Feeds on Solana. By integrating the industry-leading decentralized oracle network, Larix will have access to high-quality, tamper-proof price feeds needed to help calculate the collateral and borrowed asset values of users. This will provide our users with stronger assurances that the platform is highly stable and secure.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures 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.
Larix is one of the top lending platforms on Solana, providing support for the collateralization of LP positions and other digital assets. After the launch of DeFi 2.0 Mining, Larix maintains high supply APR and low borrow APR, contributing to the growth of TVL to above $250M, while the total borrowed exceeds $43M.
In order to help secure the value of our collateral and borrowed assets, we need access to fresh asset prices that are provided directly to facilitate on-chain transactions in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from independent data providers aggregated from all trading environments. Thus, we needed to select a strong 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 selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous, premium, and independent data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and free of any 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 the 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.
“By using Chainlink Price Feeds to help calculate the value of collateral positions, we’re able to provide additional assurances to our users that their assets are secure. Chainlink has an unparalleled track record of securely delivering accurate data — no other solution is as battle-tested in production.” -Larix Founding Team
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.
Larix (projectlarix.com), the first Metaverse-based Finance Protocol on Solana, adopted a dynamic interest rate model and created more capital-efficient risk management pools, as such a broad selection of collateral types can be fully utilized in a safe way. Furthermore, the rewarding system based on a delicately designed token economy enables continuous incentive allocation to boost demands.
All valuable assets, including crypto tokens, stablecoins, synthetic assets, NFTs, and asset-backed securities are soon accepted as collaterals to borrow crypto assets, generate yield, and power the real economy.
Larix is the first lending platform that supports LP auto-compounding rewards. The LP supports automatic reinvestment with higher rewards compared to Raydium.
In security, Larix has no safety incidents that have occurred to date and passed the security audit of SlowMist, Neodyme, and Solana Official White Hat examine.