JetFuel’s Lending Platform Fortress Upgrades to Chainlink for Faster, More Secure Price Oracles

JetFuel’s Lending Platform Fortress Upgrades to Chainlink for Faster, More Secure Price Oracles

Fortress.Loans — an Algorithmic Money Market available on Binance Smart Chain (BSC) — is proud to announce the mainnet integration of Chainlink Price Feeds as its go-to oracle solution for faster, more secure oracle services. Fortress’ decentralized lending and borrowing service will use Chainlink’s high-quality, tamper-proof price reference data to support the platform’s provisioning of liquidity and calculation of collateral rates. Chainlinking Fortress directly benefits users by ensuring they get accurate and up-to-date valuations on assets used in the platform.

Fortress is part of the Jetfuel Finance ecosystem and enables users to lend and borrow cryptocurrencies by over-collateralizing loans and paying interest on the amount borrowed. Additionally, Fortress allows users to lend assets and earn a compounded annual percentage yield (“APY”) that’s paid for by the borrowers. To create a fair pricing mechanism for loan issuance and collateralization maintenance, Fortress needs on-chain price data reflective of current global market rates that can’t be manipulated or experience downtime.

Chainlink is the most widely adopted price oracle solution in the blockchain industry. It provisions trusted price oracles using end-to-end decentralization, provably reliable nodes, high-quality data sources, and an open-source community with ongoing contributions from researchers, developers, and security-focused engineers. Chainlink’s elegant solution makes it a no-brainer for Fortress to upgrade its oracle mechanism to Chainlink Price Feeds.

Behind-the-scenes, Chainlink uses a decentralized oracle network (DON) to service each price pair, which collectively fetch price data from numerous data sources and aggregate them into a single point that is posted as an update on-chain to the specific price reference contract (e.g., BNB/USD). Updates closely track market volatility, ensuring user funds are always protected. Some of the key features that make this possible include:

  • High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
  • Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record for reliability, even during high gas prices and extreme network congestion.
  • Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
  • Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.

Chainlink BNB/USD Price Data Visualization

The Chainlink Labs team has been extremely responsive to help ensure our needs are met and has been eager to assist us during the entire process, showcasing the dedication of their team to our project and the future of secure lending as a whole.

Fortress Developer Miro says, “After an extensive search for the best price feed and oracle service provider, we picked Chainlink because of their superior technical solution, talented team, development support, and large ecosystem of users and support.”

This focused look inside what Chainlink has to offer just scratches the surface. Fortress is confident that alongside stellar security, the strong utility of their price oracles, and the robust developments their team is pushing forward, we will see great things from the integration and potentially more in the future.

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.

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About Fortress

Fortress is an Algorithmic Money Market that uses pools of assets with algorithmically derived interest rates based on supply and demand. It allows users to securely borrow and lend cryptocurrency assets through their decentralized protocol by pledging the platform an over-collateralized amount of cryptocurrency. This brings secure and trustless credit and lending to users on the Binance Smart Chain (“BSC”).

Visit https://fortress.loans/ to learn more!