Rise Protocol Integrates With Chainlink’s Decentralized Oracle Networks
We are proud to announce that we have successfully integrated with Chainlink’s Decentralized Oracle Networks to bring tamperproof, on-chain price reference data to Rise Protocol. This development effort was originally slotted for a Q3 2021 release, but our developers were able to complete this a full 6 months ahead of schedule, yet again blowing our milestone dates out of the water.
Why is this important?
A fundamental feature of Rise Protocol, and one that sets us apart from any other rebase project in DeFi, is our ability to change our peg to be based on any asset, asset class, or calculated metric. This provides us with a unparalleled level of flexibility, and allows Rise to adapt and evolve with changing market and investor sentiments.
For example, in a period of wild market fluctuations and uncertainty, we can alter our peg to a stablecoin like USDT or USDC. However, in a period of general market stagnation, we can alter our peg to something more volatile like LINK or DOT. This allows Rise to constantly bring value to our holders, stability in times of turmoil, and stimulation in times of market slumps. Again, all peg changes must go through our formal governance process, and successfully pass a governance vote.
We selected Chainlink as our official oracle partner because of their tremendous reputation, and accuracy and breadth of the price feeds. The Chainlink Network provides the largest collection of tamperproof, on-chain price reference data available, and allows Rise Protocol to safely and accurately peg to any asset, asset class, or calculated metric currently contained within the Chainlink DeFi Price Feeds.
Technical details
The Chainlink Oracles are integrated into the new RiseRebaser contract:
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Data from Chainlink’s Oracle Networks are fed directly into the RiseRebaser smart contract, and provides accurate reference points for the contract to calculate important metrics like peg price, target price, and off peg percentage.
The calculated off peg percentage is then passed to the Rise Protocol main contract, and is used to determine the rebase percentage.
Here are a few examples of price feeds from Chainlink’s Oracle Networks, which Rise Protocol can potentially peg to depending on governance:
- BTC/USD
- USDT/USD
- DASH/USD
- BNB/USD
- Fast Gas/Gwei
- Total Marketcap/USD
- UNI/USD
The Chainlink Oracle Network currently contains over 100 price feeds (and growing), which means that there are limitless possibilities for Rise Protocol’s dynamic peg.
About Chainlink
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.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
Links
Telegram: https://t.me/RiseProtocolOfficial
Twitter: https://twitter.com/RiseProtocol
Website: https://riseprotocol.io
