AutoFarm gets a serious upgrade to their price feed with the integration of ChainLink.
AutoFarm Gets An Upgrade
The cross-chain yield and decentralized exchange (DEX) aggregation protocol AutoFarm ($AUTO) announced that they have partnered with ChainLink. The partnership looks to provide users of the AutoFarm protocol with the most up-to-date reliable and secure price feeds. AutoFarm told the public of the integration via Twitter and Medium on July 22nd.
The news is significant for AutoFarm, as the protocol has experienced a 22% decline in their token price over the last 30 days, according to CoinMarketCap (CMC). The update should help bolster the platform’s reliability as well as create a massively strong foundation for AutoFarm in the long term.
“As a leading oracle network, Autofarm has integrated Chainlink Price Feeds for their reliable prices regardless of market conditions,” the Medium blog post detailed. “[AutoFarm] can leverage Chainlink Price Feeds to make informed decisions before entering or exiting token vaults and swapping assets.”
Besides the benefits to AutoFarm and AUTO token holders, the update truly aims to help AutoFarm users make better decisions due to the better resources and up-to-date price action available. ChainLink’s accurate price information should empower investors when making decisions to swap assets or redeploy funds. The blog added: “this makes Chainlink the industry’s top benchmark for crypto asset price feeds — important information to make available to [Chainlink] users.”
Why ChainLink is a Great Choice
ChainLink is one of, if not the best protocols to partner with, especially in terms of who can provide the best price feed. The ChainLink platform is compelling compared to most projects, bolstering a $6.9 billion USD market cap, according to CMC, and sits as the 15th largest Decentralized Finance (DeFi) protocol.
AutoFarm will now leverage ChainLink’s price feed which is tremendously powerful thanks to its underlying features. According to AutoFarm’s Medium article, some of ChainLink’s top price feed features include:
High-quality data
Secure node operators
Decentralized network
Highly reliable and reputable
AutoFarm looks to become a highly competitive force in the Binance Smart Chain (BSC) yield aggregator space following this recent partnership with ChainLink. As protocols begin to take steps to beat out their competition, onboarding such a reputable and sizeable DeFi oracle like ChainLink could have a hugely positive impact on AutoFarm’s future.
Time will tell if the partnership can drive big capital into the AutoFarm platform.
What is AutoFarm?
AutoFarm is a Binance Smart Chain yield aggregation platform. AutoFarm became popular for hosting some of the lowest fees shown on the market and ensures that every vault on AutoFarm is auto compounding, thus the name AutoFarm.
The two primary products on AutoFarm are their Vaults and Swap, AutoFarm’s DEX. The Vaults auto compound yields while leveraging their highly sophisticated smart contracts that lower gas fees and optimize APYs. AutoFarm’s Swap product allows users to trade tokens on the BSC network.
Source : bsc.news
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