HomeBlockchainChainlink's price feeds are now protecting Morpho Blue's DeFi lending and borrowing...

Chainlink’s price feeds are now protecting Morpho Blue’s DeFi lending and borrowing service.

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  • Morpho Blue now uses Chainlink Price Feeds to get accurate lending prices and have more choices in the market.
  • Chainlink’s trustworthy information and decentralized protection make Morpho Blue’s lending protocol better.

    Morpho Blue has told everyone that they are going to start using Chainlink Price Feeds. They made the announcement on X. This integration wants to make sure that the prices for lending money in decentralized finance are right. It’s really important for how decentralized finance works. Morpho Blue shows it is dedicated to creating a safe and reliable lending system for people on the Ethereum network by using Chainlink’s oracle solution.

Morpho (@MorphoLabs) has integrated #Chainlink Price Feeds to help secure Morpho Blue’s permissionless lending and borrowing operations.

How Price Feeds help DeFi protocols remain decentralized end to end👇https://t.co/5jOMp5X2bx

— Chainlink (@chainlink) January 24, 2024

Improving the accuracy of prices

Morpho Blue knows how important it is to have the right prices when giving out loans with more collateral than needed. Morpho Blue wants to improve the way things are done by using Chainlink Price Feeds. Chainlink Price Feeds are widely known for their top-notch data, collected from many sources and carefully checked for any inaccurate or fake trading.

This model gathers accurate market prices and makes sure they are reliable and can’t be changed.

One great thing about Morpho Blue is that it can be bent and moved easily. The protocol allows users to choose different things like what they use as collateral, the type of loan, how much of the loan can be turned into cash if needed, how interest is calculated, and where they get information from when setting up lending markets.

Morpho Blue is different because it doesn’t favor any particular oracle. Instead of forcing a specific oracle, the protocol lets market creators choose an address that will provide collateral and loan prices. This special way allows market creators to pick the best price for assets in their markets.

We chose to use Chainlink Price Feeds because they have a good track record of giving accurate prices, even when the market is unpredictable. Chainlink has proven to be reliable and trustworthy to banks, companies, and programs, with over $9 trillion in transactions. It works well when trading is slow, prices suddenly drop, and when someone tries to manipulate data using quick loans.

People who run secure nodes and make the system more decentralized.

The Chainlink Price Feeds focus on keeping things safe and spread out. Our feeds are kept safe by special oracle nodes that have been checked by security experts. They are designed to prevent cheating and have a proven history of being dependable. Despite expensive gas and infrastructure issues, Chainlink’s secure node operators have always provided correct data. The decentralized Chainlink network uses different data sources and oracle nodes to protect against downtime and tampering.

Chainlink Price Feeds use a system to check their reliability and have tools to watch them on the blockchain. These tools help users check on their own the past and present performance of node operators and oracle networks. This open way of doing things makes people trust Chainlink more and feel sure that the price data it provides is accurate.

Morpho Labs, the team that created Morpho Blue, is now using Chainlink Price Feeds and made a special tool for these feeds. This makes it easier for Morpho Blue to make new markets and offer a variety of products to different types of customers by combining different information sources. For instance, people can use these feeds to find the value of assets like WBTC/USDC by combining information from different places, like WBTC/BTC, BTC/USD, and USDC/USD.

Chainlink (LINK)

Chainlink (LINK) has gone up 1. 0% in the last 24 hours. This sudden increase is different from last week when it lost 10. 96% Therefore, the coin is now being bought and sold for $14. 23

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