Soldex Is Integrating Chainlink Price Feeds to Support DEX Functions

We are pleased to announce our upcoming integration with Chainlink, the industry-leading decentralized oracle network. We are currently integrating Chainlink Price Feeds, which will give Soldex smart contracts access to high-quality market data that will be used to support accurate conversions on the platform, and help create and manage arbitrage strategies between different exchanges.

As the cryptocurrency industry continues to grow, a number of challenges remain — security, scalability, trustless custody, order matching on exchanges, and overall user experience, to name just a few. There’s a need for next-generation exchanges that help resolve some of these issues in order for the industry to achieve mass adoption.

Soldex is building the easiest, fastest, and most user-friendly decentralized exchange on Solana. Soldex aims to resolve the issues faced by order-matching centralized exchanges and trustless custody within current decentralized exchanges. Users will also enjoy the assistance of AI-powered bots that will trade 24/7, in all market conditions, mitigating the risks of human error.

To become the go-to DEX on Solana, Soldex needs to have access to a secure and reliable oracle network. Soldex cannot verify real-world data created outside the Solana network. This creates a challenge as we need a secure and reliable off-chain connection. If our off-chain connection is inaccurate or insecure, it will jeopardize the entire Soldex protocol. However, we will be better positioned to solve this problem by using Chainlink’s trust-minimized oracle solution.

Using Chainlink decentralized oracle networks, we will be able to retrieve off-chain price data in a simple, secure, and decentralized manner and execute actions based on that data. Soldex will initially sponsor and integrate the SOL/USD Chainlink Price Feed to help provide accurate pricing for conversions, with more price feed integrations to come in the future. Chainlink Price Feeds will also be used by the trading bot layer to help create and manage arbitrage strategies between different exchanges.

Why Chainlink?

The reasons we chose Chainlink as our oracle mechanism are as follows:

  1. Chainlink is the most decentralized and secure oracle network, secured by hundreds of node operators running security-audited software that has been validated to operate at scale.
  2. Chainlink is the most adopted oracle network in DeFi, with a proven track record of securing tens of billions of dollars in the DeFi ecosystem.
  3. Chainlink provides a diverse range of trust-minimized services, including Price Feeds, Proof of Reserve, Keepers, VRF, and more.
  4. Chainlink decentralized oracle networks provide high-quality data sourced from multiple premium aggregators. This helps ensure that Soldex will receive high-quality data that is resistant to manipulation.
  5. With the help of premium market data supplied by Chainlink oracles, our developers will be able to rapidly build, test, and deploy advanced DeFi applications that leverage multiple external resources.

“Chainlink provides decentralized oracle services that will be vital for helping ensure the security and accuracy of the Soldex price monitoring infrastructure. Chainlink Price Feeds can also be used for the Soldex trading bot layer to help create and manage arbitrage strategies between different exchanges.” — Max Yampolsky (General Manager, Soldex)

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Soldex

Soldex is the fastest, easiest, and most user-friendly third-generation DEX being built on Solana.

Working on all market conditions, 24/7, with emotionless machine-learning and neural network algorithms, Soldex is the next step in DeFi evolution.

Soldex will resolve the issues faced by order-matching centralized exchanges and trustless custody within current decentralized exchanges.

By offering AI-powered bots that evaluate market data, make intelligent predictions on market risks and trade assets, Soldex would eliminate the risks involved in trading crypto assets.

For more information on Soldex, please visit our website. You can also follow us on Twitter, Facebook, Telegram, or Medium.

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Soldex.ai

Soldex.ai

A native, scalable and decentralized exchange governed by the community. Powered by Solana.

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