Trader Joe integrates Chainlink price feeds to secure lending platform

Leading Avalanche DEX Trader Joe has integrated Chainlink Price Feeds to power its newly-launched lending platform Banker Joe.

The initial integration of the price feeds includes support for a number of leading pairs that are commonly borrowed and lent on Trader Joe, including AVAX/USD, ETH/USD and WBTC/USD.

The platform also noted that additional price feed support for more assets will be available in the future.

Banker Joe is a lending and borrowing platform that enables users to earn interest on their assets by loaning them to others via non-custodial pools, or by depositing their own assets as collateral to borrow more assets.

Banker Joe will use Chainlink’s industry-standard decentralized price oracles to determine a user’s borrowing capacity during loan issuance and monitor loans for under-collateralisation during liquidations.

“With Chainlink price feeds, Banker Joe now has a time-tested and battle-hardened oracle mechanism that further ensures user loans are protected from faulty liquidations and other common DeFi exploits,” said OxMurloc, co-founder of Trader Joe.

“The high-quality data and robust oracle infrastructure of Chainlink gives us great confidence in having a secure and scalable oracle mechanism that can accommodate for growing TVL within the Trader Joe ecosystem.” 

Trader Joe chose to integrate Chainlink as it is the “most time-tested and reliable decentralised oracle network in the blockchain industry” and that it will help ensure “each transaction on Banker Joe that relies on asset prices will reflect real-time global markets”.

The platform also noted the importance of Chainlink’s “strong track record of reliability”, saying the oracle solution has saved many protocols from “unexpected events like flash crashes, exchange downtime, or data manipulation via flash loans” – a contributing factor to their integration.

Johann Eid, Head of Integrations at Chainlink Labs, commented on the integration and its importance to Banker Joe.

“We’re thrilled to have worked with the Trader Joe team on the integration of Chainlink Price Feeds to help secure their new lending and borrowing platform on the Avalanche blockchain,” he said.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.


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