YIELD App Announces Upcoming Integration with Leading Oracle Network Chainlink
Soon-to-be-launched DeFi platform, YIELD App, is pleased to announce that it will integrate Chainlink, the market-leading decentralized oracle provider, into its protocol to provide accurate, up-to-date, tamper-proof prices on assets offered within the YIELD App. These Chainlink-powered decentralized Price Feeds aggregated from a variety of high-quality data sources will enable users to make sound and timely decisions when evaluating between different yield-bearing positions available on YIELD App.
YIELD APP: DeFi Banking in Your Pocket
With its tagline “DeFi Banking in Your Pocket”, YIELD App will offer the easiest way to invest in DeFi using crypto or traditional currencies, regardless of users’ financial or technological level of expertise. A first in the DeFi world, YIELD App will allow users to on-ramp traditional fiat currencies, swap into stablecoins and the YLD token, and invest in a market-leading investment fund before off-ramping back into a fiat currency account, all in one place.
YIELD App’s tiered system rewards users according to the level of their investment, as well as the amount of YLD — the YIELD App native token — that they hold. APY’s start at 10% on USDT and USDC holdings with a 2% bonus in YLD, moving up to a potential 20% for stablecoin holders holding more than 20,000 YLD tokens in their on-platform wallets.
Integrating Chainlink for Data Integrity
Chainlink is the blockchain industry’s foremost decentralized oracle network, which enables smart contracts to securely access off-chain data feeds used to trigger their on-chain execution, including web APIs, blockchain data, IoT networks, and various other key datasets out in the real world.
The Chainlink Price Feeds, the largest collection of on-chain price data in DeFi, are the most widely used price oracles throughout the DeFi ecosystem, securing over $7 Billion in value for leading decentralized applications such as Synthetix and Aave. Integrating Chainlink Price Feeds will ensure the safety and stability of prices referenced within the YIELD App, as they are supported by strong security and reliability guarantees built right into their design, such as:
- High-Quality Data: Chainlink oracles fetch data from numerous premium off-chain data aggregators like BraveNewCoin, which collectively pull price data from hundreds of crypto exchanges and both weight it by volume and remove outliers. Such data sourcing methodology prevents Chainlink from delivering price data that’s affected by data manipulation attacks on a single or small group of exchanges.
- Security Through Decentralization: Chainlink Price Feeds are decentralized at the data source and oracle network level, resulting in highly-available and tamper resistance on-chain data feeds without any single point of failure.
- Proven Reliability: Chainlink oracle nodes are operated by numerous independent and experienced DevOps to ensure reliable services and Sybil resistance.
- Transparent Performance: Each Chainlink Price Feed is accompanied by transparent visualizations that anyone can use to independently monitor and verify the performance of the oracle network and its individual nodes.
Commenting on the integration, CEO of YIELD App Tim Frost says: “Chainlink takes us to the next level in terms of what we can do with fund management, providing our users with fair-market prices in a secure and transparent manner like never before. This allows users to make sound decisions in the YIELD App and independently verify that they are receiving fair rates and services on the various DeFi products offered in the YIELD App.”
YIELD App will be using Chainlink Price Feed within its portfolio management and accounting systems at inception to provide live pricing across numerous assets. In addition, we will use the Price Feeds as an audit trail for our revenue model, as well as explore other use cases that leverage Chainlink, such as increasing transparency around our AUM and how it’s invested to generate yield.
This marks the latest milestone for YIELD App, which last week launched its second token distribution following a successful December pre-launch. The YIELD App is currently in beta testing by a hand-selected group of early adopters from the community, with the team planning a full launch in February 2021. The team will be adding features and functionality throughout the year, pushing forward with its plan to realize its vision of a complete “DeFi Banking in Your Pocket” that users of all levels can access and profit from.
About YIELD App
YIELD App believes that everyone should have access to the best investment opportunities, regardless of their financial or technical knowledge. Our mission is to unlock the full potential of DeFi and make it available to the world.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.