Chainlink, a decentralized oracle network, and Reflexer Labs, an open-source platform that supports the creation of crypto collateral to issue reflex indexes, have announced the introduction of ETH/USD price feed available with Chainlink ahead of the mainnet launch of RAI. Chainlink took to its official Twitter account and stated that this development would provide a more stable, solvent, and fair solution on RAI Network through Chainlink.
Reflexer Labs shed more light on the same as it took to its blog to explain various facets of the move. It stated that oracle solutions of Chainlink offer real-time on-chain price feeds. And the RAI launch will leverage this as it will enable the collateralization of all the ratios in one go. This will bring more transparency in the system allowing the users to make well-informed decisions because it will update the position and let users know if the asset is undervalued.
For the uninitiated, Chainlink offers decentralized oracle solutions that allow the participation of a wider network of developers and users intending to build a new-age blockchain technology to benefit the public at large. And Reflexer Labs is popular for being a pioneer of RAI stable assets. The Reflexer uses a decentralized Finance (DeFi) ecosystem to reduce the volatility.
According to the blog, Reflexer Labs introduced Chainlink’s oracle solutions because they meet the key parameters required during the launch. It performs on various levels to provide high data quality, robust security, open-source network, multiple sources of data collections, and more. It also pointed out that RAI will gain a competitive advantage in this arena due to Chainlink’s capacity to draw price feed based on a wide array of data sources.
This introduces reliability because data thus pooled together can be then analyzed for common factors, which helps sift away the components that deviate from the most others. This process will result in a more transparent, reliable, and fair protocol, leaving no room for discrepancies due to unreliable data and other such events.
Price Feeds thus displayed using the oracle solution of Chainlink for RAI will establish a new level of trust in the decentralized arena attracting more users to rely on the prize feeds. Reflexer Labs was particularly impressed at the lightning speed of the introduction process of oracle solutions of Chainlink on RAI. It has paved the way to use the resources to concentrate on the other developments slated to take shape to make way for the launch.
The blog also mentioned that Chainlink’s popular and trusted oracle solutions would ensure RAI’s success and achieve many milestones along the journey. Reflexer Labs further assured its users that this association would introduce new stable assets to DeFi and support a wider range of products and markets to create cutting-edge solutions.