JustLiquidity Ecosystem Releases Chainlink Oracle Upgrade and JulPad Launch

JustLiquidity boasts oracle upgrades and a new launchpad feature, displaying continued innovation.

JustLiquidity Innovates Further

The Oracle upgrade was in response to the flash loan attacks that caused JustLiquidity ($JUL) and Just Liquidity Binance ($JULB) to suffer a massive dip. Julswaps ($JULD) V2 upgrade will feature Chainlink’s price feeds that will potentially stave off future flash loan attacks. 

Another project by JustLiquidity, JulPad, is a launchpad that caters to the average Joe by leveraging on community investment power.  

The Scourge of Flash Loan Attacks

Flash loans are becoming a menace. JustLiquidity was attacked late last month through price manipulation that produces inaccurate exchange rates. There is no risk to the attacker by using flash loans. This exploit resulted in a massive dip in the price of its tokens. The upgrade promises to patch this weakness that makes it prone to flash loan attacks. V2 will be deployed to the USD paired markets and these tokens are, BUSD, ETH, BTC, BNB, and DOGE. Citing the success of Chainlink Price Feeds in other DeFi protocols such as Aave and Synthetix, the oracle solution provider has not encountered any flash loan attacks. 

This is a better solution for the reason cited by JustLiquidity,  ‘Chainlink Price Feeds supply the volume-weighted, global price of crypto assets, which is aggregated from premium data providers and it takes into account the trading activity of all centralized and decentralized exchanges.’

The main problem identified by Chainlink has centered around inadequate market coverage by centralized price oracles. The attack results in a situation where the collateral is worth less than the debt. The solution that Chainlink offers is to prevent the use of single on-chain exchange price feeds

Credible Oracle Solutions

With the use of flash loans, the exploit can happen on multiple occasions through price manipulation. This has been the case in several protocols that have been exploited. Preventive moves can be implemented through Chainlink because it has high-quality data, secure node operators, decentralized infrastructure, reputation, and transparency. Apart from identifying the solutions offered by Chainlink, JustLiquidity also acknowledges that only sufficiently liquid assets are made available on JulSwap V2. 

JulPad, a Launchpad by the Community for the Community

JulPad, a project by JustLiquidity, encourages innovative blockchain projects to seek funding by sidestepping conventional financing and seeking solutions through the community’s investment power. The idea of a decentralized crowd-funding funding protocol can be an attractive one because it creates immediate funding for the project without the need for a soft cap. The usual information such as the name of the project, a thorough description of the project, roadmap, website, token sale date, and token allocation are amongst the information that must be provided.

Once the token is made available for sale, participation and allocation of tokens are based on tiers. Club members are given their allocation depending on the tier in their membership. Upon deployment, the first 2 hours will be open only for club members and this will be reduced to 30 minutes after the 21st of May, 2021. This concept is similar to private placement. The maximum time for the token sale is limited to 48 hours. 

Participation as a club member is by the locking of $JULb with an amount as low as 25 $JULb for Tier-1 and up to 2,500 $JULb for Tier-4.  

V2 Making DeFi Safer 

DeFi protocols can no longer rely on single on-chain price feeds as a credible oracle solution. The data aggregation protocol, the quality of data, and the pool of data feeds are important checklists to tick. Apart from accuracy price feeds the issue of illiquid assets also allows for exploitation. V2 is promising through the implementation of precautionary measures. The road ahead will be an interesting one for JustLiquidity once the dust has settled from the previous exploit.

Source : bsc.news