FLOKI Integrates Chainlink Price Feeds to Break Into DeFi

We’re excited to announce that FLOKI — the people’s cryptocurrency — has integrated Chainlink Price Feeds on the ETH & BSC blockchains. By integrating the industry-leading decentralized oracle network, FLOKI has access to high-quality, tamper-proof price feeds needed to read an accurate on-chain price, facilitating essential integrations that will help us bring DeFi to the masses. Our integration of Chainlink Price Feeds will provide our users with stronger assurances that they’re receiving tamper-proof, up-to-date, and precise market data.

Our initial integration involves the use of the following Chainlink Price Feed: FLOKI/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

This will provide our users with stronger assurances that the price obtained in an options transaction is accurate, and help ensure a smoother transaction process between buyers and sellers.

FLOKI is the people’s cryptocurrency and a project that aims to disrupt the crypto industry by providing solid utility while leveraging the power of memes to ensure mainstream appeal and adoption.

Part of our strategic plan for ensuring utility and wide appeal involves providing DeFi access to FLOKI users. This will be done through smart, strategic partnerships with key industry players as well as the eventual launch of our own DeFi products as we develop the FLOKI ecosystem.

FLOKI’s PlayToEarn NFT gaming metaverse Valhalla also needs a price feed to accurately gauge the value of its treasury for battle/quest rewards as well as other play-to-earn mechanics.

In order to provide FLOKI users with more utility and actualize our plans of breaking into DeFi, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:

• 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 of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
• 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 of reliability, even during high gas prices and infrastructure outages.
• 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 oracle network.
• Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

“Our integration of Chainlink Price Feeds is an important step in FLOKI’s DeFi journey. We now have access to high-quality pricing data, helping us to facilitate essential integrations that will support FLOKI’s DeFi utility.” — MrBrown Whale, Core Strategist at FLOKI.