Fun

LBank Exchange Integrates Chainlink Price Feeds for Secure Perpetual Futures Prices

News Feed - 2022-02-14 03:02:06

LBank Exchange Integrates Chainlink Price Feeds for Secure Perpetual Futures Prices press release


PRESS RELEASE.Lbank excited to announce thatLBank Exchange—the world-class digital asset trading platform—has integratedChainlink Price Feeds. By integrating the industry-leading decentralized oracle network, LBank Exchange will have access to high-quality, tamper-proof price feeds needed to help secure perpetual futures trading on the platform. This will provide our users with stronger assurances that LBank futures contracts are using reliable, high-quality market data for asset prices.


Chainlink was chosen as the 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. It stays secure and available even amidst unexpected network events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.


As a global digital asset trading platform that provides services to more than 6.4 million users across the world, LBank Exchange has created a secure, innovative, and trustworthy space for crypto traders since 2015. Like many platforms in the industry, the team initially used mark price to prevent unfair and unnecessary liquidations that may happen during high price volatility. But since leading exchanges tend to reference each other in terms of prices, there are risks that these prices lose their reliability when the market is highly volatile.


To help secure perpetual futures trading processes for users, Lbank 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, it was needed to make use of an oracle network to collect aggregated price data in a secure and reliable way, without relying on recursive centralized feeds.


After reviewing various oracle solutions, LBank Exchange decided to integrate Chainlink Price Feeds because they provide a multitude of critical features such as:


l High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, which gives price data that comes 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 exchange.


l 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.


l 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.


l 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.


After updating from mark price to fair market price via Chainlink, the new system will soon be widely adopted into futures price calculation, lending business expansion, various financial derivatives such as leverage, and other sections that involve user assets evaluation. By integrating with Chainlink, LBank Exchange will be able to provide users with more options for investment, and services with more precise asset value evaluation.


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 that can 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 visitingchain.link or read the documentation atdocs.chain.link. To discuss an integration,reach out to an expert.


About LBank Exchange


LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 6.4 million users from now more than 210 regions around the world.


Start Trading Now:lbank.info


Community & Social Media:


l Telegram


l Twitter


l Facebook


l Linkedin


Contact Details:


LBK Blockchain Co. Limited


LBank Exchange


marketing@lbank.info


PR Contact:


ZEXPRWIRE


info@zexprwire.com


  Tags in this story LBank Exchange


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Bitcoin.com Media


Bitcoin.com is the premier source for everything crypto-related. Contact ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options. "Bank of Jamaica Will Roll Out Digital Jamaican Dollar in 2022," Says Prime Minister NEWS | 31 mins ago Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain BLOCKCHAIN | 3 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain Next article‘Bank of Jamaica Will Roll Out Digital Jamaican Dollar in 2022,’ Says Prime Minister More Popular NewsIn Case You Missed ItStudents Mining Crypto in Dorms May Face Criminal Prosecution in Russia, Lawyer Says


University students in Russia minting digital currencies in their dormitories risk penalties and even criminal charges, according to a legal expert quoted by local media. The warning comes as Russian authorities are trying to curb crypto mining with cheap energy ... read more.Topps Plans to Auction Rare 1952 Mickey Mantle NFT Card Minted on Ethereum Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High

News Feed

Binance.US ‘prepared’ for SEC legal showdown
Josh O"Sullivan1 hour agoBinance.US ‘prepared’ for SEC legal showdownBinance.US is gearing up for an extended legal battle with the SEC, emphasizing its commitment to compliance and criticizing the agency’s enforce
Mad Money’s Jim Cramer Advises How to Invest in Bitcoin, When to Sell
Mad Money"s Jim Cramer Advises How to Invest in Bitcoin, When to Sell Mad Money host Jim Cramer has some advice on how to invest in bitcoin and when is a good ti
These Maps Will Help You Locate Merchants Ready to Accept Your Cryptocurrency
These Maps Will Help You Locate Merchants Ready to Accept Your Cryptocurrency Getting into Bitcoin is a first step many have already taken, and with the generally positive start
First AMM Layer2 DEX ZKSwap Announces Testnet Incentive Program with 1 Million ZKS Tokens Rewards
First AMM Layer2 DEX ZKSwap Announces Testnet Incentive Program with 1 Million ZKS Tokens Rewards PRESS RELEASE. ZKSwap developed by L2Lab is the first layer2 de
Helen Partz37 minutes agoWorldcoin cryptocurrency project suspended in KenyaKenyan authorities want to ensure that Worldcoin poses no risks to the security of citizens before it allows the project to gather iris data.360
South Korean party bets on US Bitcoin ETF access for votes
Ana Paula Pereira6 hours agoSouth Korean party bets on US Bitcoin ETF access for votesSouth Korea"s political parties are pledging crypto-related incentives to attract voters ahead of parliamentary elections.1917 Total v
Quik․com Opens Minting for NFT Domain Names
Quik․com Opens Minting for NFT Domain Names sponsored The .metaverse, .vr, .web3 and variety of top-level domains are now available for minting on Quik.com. Embrace yourself and y
Report Claims U.S. Prosecutors Investigate Hedge Funds in Connection with Binance Dealings 
Report Claims U.S. Prosecutors Investigate Hedge Funds in Connection with Binance Dealings  Federal prosecutors are reportedly investigating U.S.-based hedge funds that have dealt
Biggest Movers: LUNA Falls to 6-Week Low, as ALGO Surges 15% on Saturday
Biggest Movers: LUNA Falls to 6-Week Low, as ALGO Surges 15% on Saturday Despite Terra buying $1.5 billion worth of BTC this week, LUNA slipped to a six-week low to start the weeke
Atari’s ‘onchain’ game hacked, Notcoin to launch story-driven Lost Dogs game: Nifty Newsletter
Ezra Reguerra5 hours agoAtari’s ‘onchain’ game hacked, Notcoin to launch story-driven Lost Dogs game: Nifty NewsletterDeveloper Kautuk Kundan claimed to have hacked Atari’s “onchain” game and said that it’s
Bitcoin’s 2028 halving price target is $435K, historical data suggests
Zoltan Vardai46 minutes agoBitcoin’s 2028 halving price target is $435K, historical data suggestsWhile the halving is associated with Bitcoin bull cycles, the current rally is mainly driven by ETF inflows, argues Bybit
‘The Nine’ spot Bitcoin ETFs see $2B volume for 2nd straight day
Martin Young2 hours ago‘The Nine’ spot Bitcoin ETFs see $2B volume for 2nd straight dayBlackRock"s ETF also notched a new record $1.3 billion in daily volume in what an analyst described as “another intense volume