Chainlink being renowned for its accurate price data is nothing new, and its latest integration with Gro. The DeFi protocol will use Chainlink Price Feeds to protect its users from oracle manipulation.
Chainlink is globally known as an esteemed decentralized oracle solution connecting smart contract apps to off-chain computation and real-world data. The Oracle offers multiple decentralization levels to remove single failure points for unmatched uptime assurance. On top of all this, the oracle saves more than 75 billion dollars for various dApps across different networks.
Chainlink is a currently undervalued decentralized data network that will see substantial technological and tokenomics upgrades in 2022. Chainlink has been one of the best-performing altcoins in the last year, and it appears to have a promising future. You can read more about the future of LINK in the linked article. For starters, learning about the projects is the way to go. Besides Chainlink being a renowned oracle solution, Gro protocol is also a popular stablecoin yield aggregator.
Gro protocol’s value proposition and business objectives make Chainlink an ideal addition for it. Gro aims to help every user easily access DeFi yields via automated leveraged yield farming and risk-tranching.
The protocol has already facilitated two products
Ethereum-based PWRD stablecoin with yield and deposit protection and a unique Vault that leverages stablecoin yields
Labs on Avalanche to generate automated yield farming, making it accessible to every DeFi user
Gro protocol utilizes Curve to price assets whenever customers withdraw or deposit from Vault and PWRD. After the transaction is completed, the protocol converts stablecoins, like USDT, DAI, USDC, etc., into Vault or PWRD tokens at the current price.
The protocol will now use Chainlink Price Feeds to ensure Gro users get the most out of their tokens. The oracle network will enable it by providing accurate price data to the protocol. This way, the latest integration will help Gro secure its tokens and data against single failure points, offering globally fair and accurate market rates.