KyberSwap Integrates Chainlink Price Reference Data for Enhanced Price Feeds
We are excited to announce that KyberSwap will now be using Chainlink Price Reference Data to update our assets prices. This allows users to verify on-chain the price of assets whenever they are performing a token swap. Chainlink’s price feeds will complement our existing Kyber Network feeds.
Enhancing Price Feeds for traders
Currently, KyberSwap’s price feeds are taken exclusively from Kyber Network. While using Kyber Network as an on-chain feed for token prices is viable, users are recommended to take adequate measures to verify the rate obtained on Kyber with multiple other price feeds to ensure the most accurate market rate when making a swap.
By referencing Chainlink’s price feeds for supported tokens, KyberSwap enhances the reliability of key price feeds that users count on for calculating slippage rates. Adding Chainlink Reference Data also hardens KyberSwaps’s security, further safeguarding against price manipulation by malicious parties. When swapping tokens, market reference prices are now displayed on KyberSwap as deriving from both Chainlink and Kyber Network.
What is Chainlink?
Smart Contracts provide the ability to execute tamper-proof digital agreements, which are considered highly secure and highly reliable. In order to maintain a contract’s overall reliability, the inputs and outputs that the contract relies on need to be as secure as the underlying blockchain.
Chainlink offers a framework for building decentralized oracle networks. Developers can aggregate multiple independent oracles and multiple data sources to create a manipulation resistant data point that is reliably delivered to the smart contract. This allows decentralized applications to interact with off-chain resources while retaining their end-to-end security.
The Chainlink Network provides the largest collection of reliable on-chain price reference data for DeFi. All Chainlink price reference data feeds are secured by decentralized oracle networks, which source data from numerous premium data aggregators to maintain strong market coverage across all trading environments. Each of the Price Reference Feeds are transparent and viewable here.
“KyberSwap is glad to work with a reputable project like Chainlink and its decentralized oracle network to provide reliable price feeds for our non-custodial token swap platform and improve the overall trader experience.” – Sunny Jain, Head of Product, KyberSwap
“We’re excited to integrate Chainlink Price Reference Data with Kyber Swap to bring more security and reliability to the price feeds their traders rely on for calculating slippage.” – Johann Eid, Project Manager on Chainlink
KyberSwap is the easiest and fastest way to swap between Ethereum tokens. KyberSwap is powered by Kyber Network’s on-chain liquidity protocol, which allows it to gain access to liquidity for over 70 different ERC20 tokens.
Other KyberSwap features
- Fast and secure token swaps
- 70+ ERC20 tokens available including DAI, USDT, USDC, KNC, SNT, LINK, SNX, UBT
- Fully on-chain; you maintain full control over your funds
- Great rates due to liquidity aggregation
- Non-custodial Limit Orders; funds remain in your wallet until the order executes
- Price Alerts
- Fiat to crypto on-ramps
- Live customer chat
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