BlockBlend Integrates Chainlink Price Feeds To Help Support Privacy-Focused Cross-Chain Bridge
We’re excited to announce that BlockBlend, which features a full suite of decentralized and cross-chain services, has integrated Chainlink Price Feeds into our privacy-focused Cross-Chain Bridge. By integrating the industry-leading decentralized oracle network, BlockBlend now has access to high-quality, tamper-proof price feeds needed to help provide accurate swap rates for our Cross-Chain Bridge, which automatically swaps network assets from one blockchain to another (i.e., bridging from Ethereum to Avalanche will automatically swap ETH to AVAX). This helps provide our users with stronger assurances that the assets they bridge will be swapped at a fair market rate.
Our initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, BNB/USD, AVAX/USD, MATIC/USD, and BTC/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.
The BlockBlend privacy-focused Cross-Chain Bridge pools various network assets in a liquidity pool for users to make private transactions across blockchains or on the same blockchain. There are also numerous features integrated for additional transaction security. These include a sending timer delay, custom non-predefined sending amounts, secure user codes, automatic asset sending, and randomized relayer fees.
To reliably bridge assets cross-chain, which includes swapping network assets for one another, 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 are 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 expect to expand our Price Feeds integration in the upcoming privacy-focused cross-chain swap feature, which will likely add more token options for swapping cross-chain than the five Chainlink Price Feeds we are leveraging today.
“Chainlink Price Feeds are the undisputed industry standard for market data in the Web3 industry. Users have increased confidence knowing that the swap rates for bridging network assets from one to another are underpinned by high-quality price data.”—Cosmic, Developer
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with 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 BlockBlend
BlockBlend was born at the end of March 2022, following the rising need to protect our digital privacy. The undoxxed team believes that privacy is a fundamental right of humans. The project was launched with a working utility on Day 0, but the Team has never stopped developing and adding more features to the project.
