Golff Finance Integrates Chainlink Oracles on Heco to Secure DeFi Offerings
Golff Protocol is excited to announce that we have integrated Chainlink Oracles on the Huobi Eco Chain (HECO Chain) mainnet in order to build a more reliable and transparent DeFi ecosystem on Golff Finance. The integration with Chainlink will help Golff develop an advanced and secure DeFi platform, with the comfort of using a time-tested oracle network that supplies high-quality data feeds.
Golff will use Chainlink Price Feeds within its lending, farming, yield aggregation, and insurance products when asset prices are required, initially starting with Lighting Lend. By upgrading to Chainlink’s robust, blockchain-agnostic oracle infrastructure, Golff Finance takes an important step in enhancing the security and reliability of its platform, especially with Golff now available across three different blockchains: Ethereum, Binance Smart Chain, and HECO Chain.
Golff Finance is committed to achieving its stated goal of creating a “Global, Light, Open, and Free Financial World” in which everyone could be a part. It serves as a one-stop service encrypted bank, where people can stake their cryptocurrency on the platform to be managed by a team of experts with the goal of maximizing its return. Golff Finance achieves this providing a suite a different DeFi services, most notably:
- Fantastic Farm — a liquidity mining program to attract new users
- Earn Collection — a yield aggregator aimed at maximizing the APY collected on users’ assets
- Financial Enhancement Insurance — an insurance pool to offset DeFi risks for users and allow users to underwrite risk to earn additional yield
- Lighting Lend — a loan aggregator that automatically gets users the best rates from across mainstream DeFi lending platforms
Golff’s quick growth brings with it new challenges, particularly scaling its security. With Golff’s product offering expanding and reaching new blockchains and markets, complex scalability and cross-chain requirements open up additional risks that could impair the whole Golff ecosystem if careful design considerations are not taken. In particular, using a highly secure, reliable, and chain-agnostic oracle mechanism is key to scaling Golff.
Chainlink allows smart contracts (on-chain) to interact with data and systems existing outside of their native blockchain (off-chain) in a highly secure and reliable manner. It does so via decentralized oracle solutions that fetch and deliver external data feeds into blockchains, empowering Golff to consolidate and extend our technology and products by making them more secure and flexible.
Chainlink opens up new capabilities for Golff Finance’s smart contracts, such as interchain communication and the ability to interact with traditional non-blockchain systems that currently power global economies. Having this functionality greatly expands what can be built as part of the future Golff ecosystem.
What Chainlink Brings to Golff Protocol?
We chose Chainlink due to its proven technical feats and large open-source development ecosystem, both of which are values we hold in high regard and endorse within our community too. Some of the specific features that Chainlink brings to the Golff Protocol include:
- Accurate Asset Prices
Chainlink’s widely used Price Feeds give Golff pre-built decentralized oracle networks that provide real-time streams of financial market data across a variety of asset classes, such as cryptocurrencies, foreign exchange rates, commodities, stocks, indices, and more. These Price Feeds represent an asset’s volume-adjusted aggregate price derived from all trading environments, making it inherently resistant to data manipulation or inaccuracies occurring on a single or small set of exchanges.
In this way, the Golff platform will have accurate and up-to-date asset prices that it can reference when performing various protocol functions like issuing yield rewards or checking the collateralization of loans.
2. Proven Track Record of Performance
Chainlink is unparalleled when it comes to successfully servicing high-value smart contracts over extended periods of time. Chainlink has a proven track record of securing billions of dollars in value for projects, even amidst intense conditions like high gas prices and extreme network congestion.
This exceptional performance is easily verifiable on-chain, hence why Chainlink is widely used and supported by a substantial number of the best-regarded DeFi protocols in the market.
3. Highly Decentralized Oracle Mechanism
Chainlink has an extensively decentralized oracle mechanism, with hundreds of nodes and progressively greater guarantees for its highest quality nodes. It’s high quality nodes are run by professional blockchain DevOps that are known for hyper-reliable oracle services.
This ensures that Chainlink can both provide large security guarantees now, as well as scale the number of nodes used to provide data to Golff Finance as the need for greater decentralization increases.
4. Combines Traditional and Decentralized Finance
Chainlink has a highly flexible oracle infrastructure, which can be used to bring data from any traditional market on to blockchains to support innovative decentralized financial products. For example, a variable rate blockchain-based bond could leverage Chainlink for interest rate data feeds to calculate the total interest on the bond in a fully decentralized way.
This system gives our team the ability to better optimize our Lend product, as well as present new ideas for future products. Additionally, because of these off-chain data capabilities, Chainlink will play an extensive role in our upcoming Insurance program that is still in development.
Ultimately, Golf Finance wants to offer banking services on the blockchain that everyone can access, without the downsides of interacting with banks. Therefore, we need to have a platform that is reliable, fast, secure, flexible, and maybe most importantly, scalable.
“Integration with Chainlink has exciting implications for the Golff Ecosystem, ultimately helping us achieve our vision in a more secure manner and on an accelerated time horizon. This allows us to provision better financial services for the whole world, and thus, gets us one step closer to the Golff vision.” — Yunpeng Ding, CEO of Golff Finance
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
About Golff Finance
Golff is an One-stop services encrypted bank, to create a light, open, and free financial world. Golff DeFi products have low threshold, fast and smooth using experience. Multi-version, localized product design, catering to the needs of eastern and western users. Golff’s three core products are Earning Collection, Financial Enhanced Insurance, and Lighting Lend. Visit Golff.finance to learn more. Also subscribe to Golff Protocol on Medium.