HurricaneSwap is Integrating Chainlink Price Feeds to Close Cross-Chain Price Gaps & Proof of Reserve for Stronger Security
We’re excited to announce that HurricaneSwap — a cross-chain trading protocol on Avalanche — is integrating Chainlink Price Feeds on Avalanche mainnet. By integrating the industry-leading decentralized oracle network, HurricaneSwap will have access to high-quality, tamper-proof price feeds needed to price assets on-chain and quickly narrow the price gap between HurricaneSwap and other exchanges. This will provide our platform with stronger assurances that the asset prices being referenced are consistently up-to-date and accurate, leading to more stable and secure DeFi services offered on HurricaneSwap.
Our initial integration involves integration of the following Chainlink Price Feeds: ETH/USD, LINK/USD, USDT/USD, etc. 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.
HurricaneSwap is a set of cross-chain assets, trading, and arbitrage tools, including a cross-chain bridge (Roke Protocol), a dApp for cross-chain LPs (HurricaneStation), a verifier node alliance (HurricaneAlliance), and a decentralized exchange (HurricaneSwap).
- Roke Protocol (LP-Bridge) enables Avalanche users to trade popular assets deriving from without leaving Avalanche.
- HurricaneStation allows users to add liquidity on multiple chains through HurricaneStation and earn LP rewards.
- HurricaneAlliance ensures the correctness of cross-chain transactions, with verification nodes earning rewards and narrowing price gaps via arbitrage.
In order to secure our price assets in HurricaneStation and eliminate price gaps in HurricaneAlliance, 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 need to make use of an oracle 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 helps generate accurate 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.
Furthermore, HurricaneSwap will also integrate Chainlink Proof of Reserve to verify the amount of assets locked on the source chain and the amount of a-assets issued on Avalanche — which we can compare to ensure the gap between the two is not above 1%. If the ratio is greater than 1%, it will trigger a fuse mechanism and veto any calls of a-assets, ultimately preventing malicious additional issuance from affecting the contract.
“Chainlink provides innovative price oracle solutions which supply accurate price feeds in a decentralized manner to avoid central points of failure. HurricaneSwap aims to provide a better experience for cross-chain traders and liquidity providers using decentralized technology. And through Chainlink Price Feeds and Chainlink Proof of Reserve, HurricaneSwap can not only provide a quick and easy method for cross-chain asset transactions on Avalanche, but also secure the cross-chain bridge “Roke Protocol’’ and the mapped cross-chain asset “aToken’’. — <Symington W. Smith, Founder of HurricaneSwap>
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.
HurricaneSwap is the 1st cross-chain liquidity DEX based on Avalanche. With the innovative LP-Bridge mechanism (Roke Protocol), users can trade popular assets of other chains without leaving Avalanche. And taking advantage of Avalanche, HurricaneSwap provides users with a high-performance, low slippage, low-cost, and seamless cross-chain trading experience.
As an innovative DEX, HurricaneSwap raised over $3 millions from worldwide capitals, including AVATAR Ventures (Avalanche Asia Star Fund), LD Capital, A&T Capital, JRR Crypto, KuCoin Labs, gate.io Labs, MEXC Labs, etc.