SINGAPORE, ASIA / ACCESSWIRE / October 26, 2020 / Crypto trading platform Bybit today announced the successful integration of Chainlink's Price Reference Data into its futures trading platform.
The initial integration of Chainlink price feeds is live for the following markets: BTC/USD, ETH/USD, XRP/USD, EOS/USD, LTC/USD, XTZ/USD, and LINK/USD. This gives traders secure, reliable, and transparent price indexes that are completely separate from Bybit's internal operations.
These Chainlink-powered decentralized price feeds are the most referenced data points in the DeFi market, currently securing over $3B in user funds for many of the leading DeFi applications. Making this data available to Bybit traders empowers them to make more informed decisions, as it provides them with a widely used benchmark for on-chain cryptocurrency prices.
As anyone familiar with the market knows, cryptocurrencies can be subject to major price movements at a moment's notice. In order to ensure traders always have access to reliable data, Bybit has been exploring additional price feeds that traders can reference, especially during times of extreme volatility.
During research, Chainlink emerged as the superior solution across numerous metrics deemed important, such as:
- Accurate Prices - Each price feed sources data from numerous high-quality authenticated data aggregators, providing strong market coverage across all trading environments.
- Reliable Services - Chainlink price feeds are secured by a decentralized network of secure, Sybil resistant node operators and updated based on small price deviations, ensuring highly reliable and tamper-resistant price data that follows price action.
- Transparent Operations - On-chain visualizations are provided for each price feed, empowering users to independently verify their real-time performance, including that of each individual node.
- Proven Value - Chainlink is the most time-tested decentralized price feed in the market, proving its ability to secure large value contracts in production.
Chainlink's ETH/USD Price Reference Data feed is one of the price feeds being leveraged by Bybit, which is secured by 21 independent nodes and numerous independent data sources.
The multiple layers of security, decentralization, and stability make Chainlink's Price Reference Data an ideal source of market data for making critical trading decisions. This is yet another instance of Bybit offering an unparalleled suite of tools to maximize the trading experience for its users.
"We're excited to integrate Chainlink in order to make widely-used price reference data from the DeFi market available to our traders," stated Ben Zhou, co-founder, and CEO of Bybit. "By integrating Chainlink, we are able to provide an accurate source of price data that is highly decentralized and transparent, expanding the amount of resources our traders have access to."
About Bybit
Bybit is a cryptocurrency derivatives trading platform established in March 2018. The company is registered in the British Virgin Islands (BVI) and provides online trading services to individual retail clients as well as professional derivatives traders.
For more information, please visit https://www.bybit.com/.
For updates, follow Bybit's social platforms on Twitter and Telegram.
About Chainlink
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Bancor; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
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SOURCE: Bybit