The Force Protocol Is Integrating Chainlink to Power DeFi Application
The Force Protocol is integrating Chainlink Price Reference Data to determine value, to trigger conditions for supplementary collateral and liquidations for DeFi application, according to the announcement.
The Force Protocol will use the Chainlink oracle network to calculate the value of collateral assets to create bonds, calculate the collateralization ratios, trigger conditions for supplementary collateral, and trigger conditions for collateral liquidations, among other uses.
DeFi or Decentralized Finance (also called open finance), is a blanket term for financial services like borrowing, lending, and trading built using decentralized infrastructure, such as public blockchains and smart contracts.
Seamon Liu, CTO of The Force Protocol, states “The core business characteristics of our DeFi application make the Chainlink oracle system an indispensable technical requirement. Its security, stability, and decentralization meet our fundamental needs perfectly. Going forward, we will find new ways to implement Chainlink at the technical level, and will actively participate in the growth of the Chainlink ecosystem.”
Additionally, the use of high-quality market data and secure node operators enforces high standards on each individual component of the network. Chainlink’s infrastructure is already relied upon for the security of millions of dollars by many leading DeFi applications.
The Force Protocol was established in June 2018, focusing on the development and application of crypto-open financial protocols.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot / Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others.
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