-> Notification to Lendingblock Customers ->
Lendingblock Integrates Chainlink For Decentralized Pricing Data
Jan 24, 2022

London, United Kingdom, Dec. 7th, 2021 - Lendingblock, a cryptocurrency lending and borrowing platform, has successfully completed its integration of Chainlink’s industry-leading decentralized oracle network. Specifically, Lendingblock is now using Chainlink Price Feeds, which provide critical, real-time market pricing data around hundreds of assets. Chainlink’s high-quality market data helps ensure Lendingblock’s backend pricing mechanism reflects accurate fair-market rates and that its critical loan lifecycle processes, such as asset value reporting and liquidations, are tamper-proof.

The Lendingblock team chose to integrate Chainlink decentralized oracles due to their reputation as a market leader in decentralized data provision. A unique benefit of Chainlink Price Feeds is that they feature multiple layers of decentralization to greatly mitigate risks associated with using pricing data from a single centralized source. Moreover, Chainlink is well known for securing leading CeFi and DeFi platforms across multiple blockchains, with its Total Value Secured (TVS) recently surpassing 75B+

Lendingblock’s new flagship stablecoin borrowing service Borrow lets users borrow assets now and pay later without worrying about exorbitant rates, hidden fees, or credit checks. Borrow is using Chainlink Price Feeds covering Bitcoin, Ethereum, and Tether priced against four fiat currencies: USD, EUR, GBP, and RUB. Chainlink Price Feeds provide Borrow with highly reliable price data to help ensure collateral valuations are accurate and that liquidations occur at fair-market rates.

Lendingblock’s interest-bearing service Earn lets users deposit their tokens to earn a fixed amount of interest on their assets that is paid out in monthly increments. Earn is also utilizing Chainlink Price Feeds to provide its users with instantaneous and precise portfolio valuation reporting to better assist their decision-making processes.

Accurate price data is critical for lending and borrowing platforms since it is used to calculate users’ collateralization ratios, liquidations, and interest rewards. After reviewing various market data options, the Lendingblock team quickly realized that Chainlink Price Feeds were the best solution since they have a time-tested track record of reliability and multiple unique features, including:

  • 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 more precise 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 with 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.
  • Transparency — 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.

Steve Swain, Lendingblock’s CEO and Co-founder, said, “We are excited to realize the opportunities this integration brings. Our users can now enjoy the benefits of both worlds—securely earning interest rewards and borrowing stablecoins via a centralized platform, whilst still being able to utilize hyper-reliable, decentralized data from the leading oracle provider. As we continue to add new features and expand the number of cryptocurrencies available on our platform, our integration of multiple Chainlink decentralized services will grow significantly.” 

“We are pleased to support Lendingblock’s decision to add decentralization by integrating Chainlink Price Feeds as its secure market data solution,” stated Tomasz Wojewoda, Head of Global Sales at Chainlink Labs. “CeFi platforms continue to integrate Chainlink’s extensive suite of decentralized services to provide users with the enhanced reliability and transparency guarantees they have become accustomed to in the blockchain space.”

About Lendingblock

Lendingblock is a cryptocurrency lending and borrowing platform formed in 2018. With the initial focus on building a lending and borrowing exchange for institutional clients, Lendingblock now offers use of its proprietary technology under SaaS and licencing agreements, with the first of such licencing agreements announced in 2021 with the Eqonex Group (NASDAQ listed digital asset exchange, formerly known as Diginex). In October 2021, Lendingblock launched its retail lending and borrowing platform, empowering individuals to earn interest on or borrow against their cryptocurrency holdings using an institutional-grade platform. 

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains. 

Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert