- November 9, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Saber, the leading Automated Market Maker for trading stable pairs on Solana, is excited to announce its support for the deployment of a wide range of Chainlink Price Feeds on Solana.
#Blockchain developers need access to robust price feeds to securely build on top of AMM LPs. @Saber_HQ now supports #Chainlink Price Feeds, enabling @Solana developers to build yield farms, lending platforms, and more with Saber's AMM LPs. https://t.co/Ca3DdJzNif
— Chainlink – Official Channel (@chainlink) November 8, 2021
Chainlink Price Feeds are the industry standard for secure and reliable price oracles, already helping secure tens of billions of dollars across top DeFi projects.
Chainlink feeds for supporting Solana dApps
To start, the following Chainlink Price Feeds will be deployed on Solana: USDC/USDT, mSOL/SOL, UST/USDC, stSOL/SOL, wFTT/FTT, wSRM/SRM, and SBR/USD. Saber recommends that any project integrating support for Saber LP tokens or SBR uses Chainlink Price Feeds as their oracle solution for the most up-to-date price data for these pools.
These Chainlink-powered decentralized price oracles will enable developers to accurately and securely generate valuations on Saber LP tokens and the Saber native token (SBR) when performing key on-chain functions such as issuing loans based on Saber LP token collateral.
Ultimately, this will accelerate the adoption of Saber LP tokens throughout the many new and existing DeFi protocols being built on Solana. Chainlink Price Feeds will be key in increasing the utility of Saber because it enables liquidity providers to earn yield while still having active liquidity for their staked assets.
Saber is one of the top DeFi exchanges by total value locked (TVL) and volume on the Solana blockchain. AMM protocols like Saber act as liquidity gateways for users and other DeFi protocols such as lending markets, yield aggregators, asset management solutions, and more.
They also serve as a way for passive holders to earn an additional yield on their assets by becoming liquidity providers and earning transaction fees.
However, Saber seeks to give LPs additional utility on their assets beyond earning passive income. For this reason, Saber issues LP tokens to liquidity providers, which they can use throughout the Solana DeFi ecosystem for activities such as yield farming or as collateral for a loan.
However, it’s critical that DeFi protocols integrating support for Saber LP tokens have robust oracle infrastructure in place in order to avoid faulty liquidations of user funds, mispriced rewards systems, and various other mishappenings.
The post Solana-based AMM Saber turns to Chainlink for price feeds appeared first on CryptoSlate.
