Chainlink Weekly Roundup: Floki, Iron Bank, Zeus Finance and Kyber
Chainlink hits $23 billion in Total Value Secured amid a hectic week of exciting integrations.
A Multi-Chain Expedition
Chainlink continues its mission to integrate new protocols across the blockchain universe. The industry standard and chain-agnostic oracle network expanded its services on Arbitrum, Avalanche, BNB Chain, Ethereum, Optimism, and Polygon.
In this week’s roundup:
- Floki integrates Chainlink Keepers and Price Feeds.
- Zeus Finance integrates Chainlink Keepers, Price Feeds, and VRF.
- KyberSwap integrates Chainlink Price Feeds.
- Iron Bank integrates Chainlink Price Feeds.
Bolstering Floki's Meme Culture
Floki integrated Chainlink Keepers and Price Feeds to help power FlokiFi Locker.
Floki uses Chainlink Keepers to automate the token locking process, and Price Feeds to display token locking prices. The locker allows users to lock and vest LP tokens, fungible tokens, and NFTs for up to 420 years.
“As an innovative DeFi protocol that prioritizes security, decentralization, and transparency, the industry-leading Chainlink is the default oracle network we considered. We’re excited to use Chainlink Keepers to help automate our token locking process, and Chainlink Price Feeds to help display accurate token prices, ” said B, Core Contributor at Floki.
Check out our full article by Nick S regarding the integration.
Three Birds, One Stone
Zeus Finance integrated Chainlink Keepers, Price Feeds, and VRF to power its decentralized financial suite.
- Keepers automates rewards distribution within the staking suite,
- Price Feeds help convert prices for accurate fee estimations, and
- VRF supports randomized airdrops of the ZEUS token.
“Chainlink was the obvious choice for us. Chainlink trust-minimized services are the industry standard for DeFi and help make our platform as robust as possible,” said Frank, CEO at Zeus Finance. “Chainlink Price Feeds, Chainlink Keepers, and Chainlink VRF all work in tandem to give our users a consistent and transparent experience.”
The DeFi suite also plans to use Chainlink to support other upcoming features, like automating bonding rewards and randomizing the airdrops of an NFT collection centered on Greek Mythology.
Integrating a Liquidity Hub
KyberSwap integrated Chainlink Price Feeds to facilitate its DeFi and DAO operations.
Kyber Network integrated the price feeds on Arbitrum, Avalanche, BNB Chain, Ethereum, Optimism, and Polygon. This will help ensure KyberSwap rewards are reliably distributed to KyberDAO members.
“Chainlink Price Feeds underpin the DeFi economy with highly secure, reliable, and decentralized market data, including on KyberDAO, where they facilitate our distribution of rewards. We’re excited to continue using Chainlink to support developers, traders, and liquidity providers across the multi-chain DeFi ecosystem,” said Victor Tran, CEO of Kyber Network.
Here’s how KyberSwap is integrating Chainlink Price Feeds:
- Chainlink provides KNC price data to DeFi lending platforms. This enables lending platforms like QiDAO, Benqi, and Aave to support $KNC as a collateral type.
- KyberDAO is using the KNC/USD and KNC/ETH Price Feeds.
- Kyber is running a Chainlink node to help secure their oracle network.
Forging Iron
Iron Bank integrated Chainlink Price Feeds on Optimism.
The decentralized lending platform recently launched on Optimism, a low-cost Ethereum layer-two blockchain. This integration will help ensure that users' collateralization ratios are based on accurate, tamper-proof market data.
“To ensure accurate pricing, we’re using Chainlink Price Feeds. As one of the industry’s leading and most well-known market data solution providers, they have helped secure tens of billions of dollars in value for leading DeFi protocols across multiple chains,” the Iron Bank team said on their blog.
Check out BSC News' weekly roundup to keep up with the latest regarding the smart contract powerhouse.
Last four editions:
- Aug. 12: OpenOcean, Sneaky Vampire Syndicate and Swell Network
- Aug. 5: Swingby, Biswap, Tulip Protocol and Metis
- July 30: Truflation, Crabada and Sam Bankman-Fried
- July 23: Bybit, Armadillo, Solanart and Aavegotchi
What Is 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.
Where to find Chainlink:
Website | Twitter | Docs | Community
What Is Floki:
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.
Where to find Floki:
What Is Zeus Finance:
Zeus Finance is a decentralized financial suite built on the Avalanche Network. Its primary focus is on providing a DeFi-as-a-Service (DaaS) protocol to the community and then expanding into a platform that offers a safe place to store capital.
Where to find Zeus Finance:
What Is Kyber Network:
Kyber Network is building a world where any token is usable anywhere. KyberSwap, the flagship Decentralized Exchange (DEX) aggregator and liquidity platform, intends to provide the best rates for traders in DeFi and maximize returns for liquidity providers.
Where to find Kyber Network:
What Is Iron Bank:
Iron Bank is a decentralized lending platform focused on capital efficiency, allowing protocols and individuals to supply and borrow crypto-assets.
Where to find Iron Bank:
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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