Press release
PRICE RELEASE Lbank excited to announce that LBank Exchange—the world-class digital asset trading platform—has integrated Chainlink Price Feeds. LBank Exchange has integrated the decentralized Oracle network to provide high-quality price feeds that are tamperproof and of the highest quality to ensure perpetual futures trading. Our users will have greater assurances that LBank futures contracts use reliable and high-quality asset prices.
Chainlink was selected as the preferred oracle provider because of its easy integration process and proven track record in production. Chainlink is already helping to secure DeFi protocols worth billions in smart contract value. You can rely on Chainlink to keep your data safe and accessible even in the face of unexpected network events like flash crashes or exchange downtime.
LBank Exchange, a worldwide digital asset trading platform, has provided services for over 6.4 million users around the world since 2015. It is known as a safe, reliable, innovative and trustworthy place for crypto traders. The team used mark price initially to avoid unfair or unnecessary liquidations during extreme price volatility. However, leading exchanges are prone to refer each other regarding prices so there is a risk that prices may lose reliability in volatile markets.
Lbank wanted to be able to access new asset prices on-chain. It was essential in order for futures traders to have permanent trading. Fair market prices for assets should be based on a volume-weighted mean from all trading environments. An oracle network was required to gather aggregated data on prices in a safe and reliable manner, without the need for recursive central feeds.
LBank Exchange reviewed several oracle options and decided to incorporate Chainlink Price Feeds. They provide many critical features, such as:
You can find it here High Quality Data — ChainYou can find it hereink 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. Nodes of Chainlink have an excellent track record for reliability even when infrastructure and gas prices are high.
You can find it here DecentraYou can find it hereized 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.
The new system, which updates from the mark price to the fair market price through Chainlink, will be quickly adopted in futures price calculation and lending business expansion. It also supports financial derivatives like leverage and various financial derivatives. LBank Exchange has integrated with Chainlink to give users more investment options, as well as services that provide more accurate asset value evaluation.
Chainlink
Chainlink is the standard industry for creating, accessing and selling Oracle services that can power hybrid smart contract on any blockchain. Chainlink’s oracle networks allow smart contracts to securely connect with any external API. They also provide secure off-chain computations that enable the creation of feature-rich applications. Chainlink has secured tens to billions in DeFi and insurance funds, as well as other large industries. The network offers global businesses and data providers access to all blockchains and provides a common gateway for them.
Chainlink information can be found at www.chain.link. Also, you can find documentation at www.docs.chain.link. Reach out to experts to discuss an integration.
LBank Exchange
LBank Exchange was founded in 2015. It is a global trading platform that allows users to trade various cryptocurrency assets. LBank Exchange offers its customers safe cryptocurrency trading and specialized financial derivatives. It also provides professional asset management services. With over 6.4 Million users in more than 210 countries, it has grown to be one of the most trusted and popular crypto trading platforms.
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