MCDEX Is Using Chainlink Price Feeds on BSC to Help Secure Its Decentralized Perpetual Contracts

The DeFi industry is rapidly growing as the Total Value Locked (TVL) continues to climb and more users enter the space. With the increased demand for DeFi products, MCDEX has scaled to support perpetual contracts on layer 2.

However, with its move to new blockchain networks, MCDEX must maintain its strong security. In this spirit, we are happy to announce our further use of Chainlink, the industry-leading blockchain oracle solution. The MCDEX team previously announced our integration of Chainlink Price Feeds on Ethereum mainnet. Now, MCDEX is using Chainlink Price Feeds on Binance Smart Chain (BSC) mainnet to help ensure its decentralized perpetual contracts feature an index price backed by globally accurate fair-market rates.

MCDEX uses the following Chainlink Price Feeds for its initial BSC integration: BTC/USD, ETH/USD, and BNB/USD. We selected Chainlink because it has proven to be highly secure and reliable in our Ethereum-based protocol. In general, Chainlink is the most time-tested oracle solution available, securing $75B+ for leading decentralized applications across multiple blockchains. By accessing Chainlink Price Feeds on BSC, MCDEX can receive even faster price updates with lower deviation thresholds thanks to BSC’s high throughput and low fees. Moreover, since Chainlink Price Feeds are natively available on BSC, the integration process was seamless.

Household DeFi names stand alongside MCDEX in using Chainlink oracles because their oracle solutions are verifiable, open-source, and easy to integrate. Chainlink has a time-tested track record of providing reliable data during extreme market conditions and black swan events, with multiple other benefits, 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.

“For over two years, Chainlink Price Feeds have demonstrated time and time again that they are the premier market data solution in the blockchain space,” said Jie Liu, CEO of MCDEX. “With Chainlink, MCDEX can quickly scale to new blockchain environments while maintaining stringent security, reliability, and transparency guarantees.”

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.

About MCDEX

MCDEX is the first fully-permissionless DEX for trading perpetual contracts that is capital-efficient with top market liquidity and up to 15x leverage. The decentralized perpetual contract trading platform, powered by AMM, allows anyone to create a contract. Perpetual contracts are one of the most popular derivatives, as they have no expiration date, support margin trading, and the prices are soft-pegged to index prices. Now, with MCDEX, anyone can trade and create perpetual contracts permissionlessly.

Building MCDEX V3 (Decentralized Perpetual) | Trade #PerpetualContracts - #Permissionless #1000x Uni’s capital efficiency #Anyone can create any market