The Transfero Group has integrated Chainlink’s industry-leading decentralized oracle network on Polygon, Avalanche, Ethereum and BNB. Specifically, the Transfero team is sponsoring multiple Chainlink Price Feeds to help ensure the BRZ stablecoin is supported by tamper-proof market data, enabling developers to create novel DeFi markets and products around the BRZ.
The initial integration supports the following Chainlink Price Feeds:
- BRL/USD;
- BRZ/USD;
- BRZ/BTC;
- BRZ/ETH.
Transfero decided to integrate Chainlink because it is well-known as the leading decentralized oracle network in the blockchain industry. Chainlink Price Feeds already secure tens of billions of dollars for hundreds of smart contract applications across the multi-chain ecosystem, with a proven track record of properly reporting data during adverse market conditions.
One of the notable features of Chainlink Price Feeds that stood out to Transfero is that they feature multiple layers of data aggregation to help ensure market data reflects globally accurate fair-market rates.
Though BRZ is fully backed by BRL, the Transfero team needed high-quality market data to enable novel DeFi use cases for BRZ. After reviewing various price data solutions, Transfero recognized that Chainlink Price Feeds were the superior choice as they feature many unique qualities, including:
- 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 from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API/exchange downtime, flash crash outliers, and data manipulation attacks;
- High Update Frequency: Chainlink Price Feeds can perform frequent price updates at minimal costs, resulting in precise price data that consistently reflects current market conditions;
- Robust Infrastructure: Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime during market volatility;
- Transparent Monitoring: 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 price feeds.
“We are pleased to integrate Chainlink Price Feeds to enable more advanced use cases for the BRZ stablecoin,” stated Thiago Cesar, CEO at Transfero Group. “We look forward to exploring more ways to leverage Chainlink decentralized services, including using Chainlink Proof of Reserve to provide near real-time, automated audits of BRZ.”
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 with a way to 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 visiting chain.link or reading the documentation at docs.chain.link.
