DeFiHelper Integrates Chainlink Price Feeds To Help Calculate Transaction Fees Across Five Blockchains

We are delighted to announce that DeFiHelper — a decentralized, non-custodial investment tool for DeFi investors of any scale — has integrated Chainlink Price Feeds on Ethereum, BNB Chain, Avalanche, Moonriver, and Polygon mainnets.

By integrating the industry-leading decentralized oracle network, DeFiHelper has access to high-quality, tamper-proof price feeds needed to charge users a $1 transaction fee (plus the additional network fee) in the token native to the blockchain that the transaction is occurring on, such as ETH on Ethereum, AVAX on Avalanche, and BNB on BNB Chain. This provides users with a “pay-per-action” model that is more cost-effective for users than the subscription model.

Our initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, AVAX/USD, BNB/USD, MATIC/USD, and MOVR/USD. We have selected Chainlink as our go-to oracle solution, because its infrastructure can be seamlessly integrated and is time-tested in production terms. 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.

DeFiHelper is a decentralized non-custodial investment assistant that helps investors of any scale to easily manage and automate their DeFi investments across 400+ protocols. Its core product functions include no-code automation, auto-staking, portfolio tracking, and custom notifications. Learn more about DeFiHelper by visiting our website or by watching the following video.

In order to help secure the process of transaction fee calculation, 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 needed to find an oracle network to obtain aggregated price data off-chain and deliver it on-chain for use by our application.

After reviewing various oracle solutions, we have decided to integrate Chainlink Price Feeds, because they provide access to multiple critical features, such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that is aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation on the part 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.

In the future, we plan to use Chainlink Price Feeds to obtain price data on the native tokens of all the protocols that are integrated with DeFiHelper.

“We’re excited to integrate the industry-leading oracle network into our DeFi tool. Chainlink Price Feeds allow us to access highly accurate market data needed to help calculate transaction fees on the platform.” — Vladislav Komissarov, CEO and Founder of DeFiHelper

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 developer documentation at docs.chain.link. To discuss integration opportunities, reach out to an expert.

About DeFiHelper

DeFiHelper is a non-custodial investment tool that helps investors of any scale to easily manage and automate their DeFi investments across 11 chains and 500 protocols protocols while keeping their funds safe.

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