Chainlink Price Feed will provide a tamper-proof foundation to prevent hackers from manipulating its innovative high-yield product.
Providing Security for Automated Vaults
Leveraged yield-farming protocol on BNB Chain, Alpaca Finance partners with Chainlink to provide on-chain security for its unique Automated Vaults product.
BSC News reported the launch of its first set of market-neutral Automated Vaults on March 25, offering users high Annual Percentage Yields (APY) irrespective of market conditions. The product was met with huge demand, prompting the Decentralized Finance (DeFi) protocol to add new vaults. In addition, to offer more transparency and security and increase the product’s adoption, Alpaca Finance integrated Chainlink Price Feeds. Head of Strategy and Marketing at Alpaca Finance, Samsara NotALlama, wrote about the integration alongside other security measures via Medium on April 28.
“To ensure maximum safety of our new Automated Vaults, Alpaca Finance has integrated high-quality market data from Chainlink Price Feeds and also features 24-hour automation, double audits, an ongoing $100k bug bounty with Immunefi, and the Alpaca Insurance Plan as a fallback in the unlikely event that anything ever goes wrong,” Samsara disclosed.
Chainlink Price Feed is a decentralized, high-quality market data oracle solution from Chainlink. The integration will provide a secure foundation to prevent hackers from manipulating Alpaca’s Automated Vaults. In addition, the Oracle solution will also ensure that Automated Vaults are rebalanced at updated market prices at any given time. The strategy is essential because it would quickly rebalance the Automated Vaults during volatile market conditions.
Asides from the Chainlink Price Feed integration, Alpaca Finance has other security measures to safeguard its platform. According to Samsara’s publication, the protocol introduced automated bots, double audits on its features, a bug bounty program in partnership with Immunefi, and the Alpaca Insurance Plan to improve its security. These innovations show that the DeFi protocol highly prioritizes top safety.
What is Alpaca Finance:
Alpaca Finance is the largest lending protocol allowing leveraged yield farming on Binance Smart Chain. It helps lenders earn safe and stable yields and offers borrowers undercollateralized loans for leveraged yield farming positions, vastly multiplying their farming principles and resulting profits.
Where to Find Alpaca Finance:
Source : bsc.news
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