YOP Finance Integrates Chainlink Price Feeds to Help Power Price Displays and Vault Strategies
We’re excited to announce that YOP Finance, an easy-to-use yield aggregator has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, YOP Finance now has access to high-quality, decentralized on-chain price data needed to help underpin secure vault strategies and power price display conversions for users entering vaults.
As a leading yield optimization protocol on Ethereum, YOP Finance aims to make DeFi yield available to the masses in just three steps and no complicated UIs. Users need only deposit approved digital assets within YOP Finance to begin earning an optimized variable yield. Underneath the surface, YOP Finance deposits the digital assets into vault strategies that then deploy the capital into a variety of DeFi protocols to optimize yield.
Vault strategies are the building blocks of YOP protocol. Each strategy can layer different yield opportunities from multiple protocols to optimize yield. Every aspect of the strategy — from depositing to claiming, reinvesting, withdrawing, and more — is preset and encoded. YOP currently has five active vaults running, in which users can deposit Bitcoin, USDC, Ethereum, USDT, or DAI.
Secure, high-quality price data plays an important role in YOP Finance. For example, a robust source of price data is one of the main sources used to help determine how vault strategies should execute, as many strategies depend on the spot price of a digital asset at a point in time. Additionally, a reliable source of price data helps give users accurate information on the USD-denominated value of their digital assets, helping create a user-friendly experience that embodies what YOP Finance is trying to accomplish.
We chose Chainlink Price Feeds because the service is the undisputed industry standard for decentralized price data. Chainlink Price Feeds already help secure tens of billions of dollars in value for leading DeFi protocols and feature multiple layers of aggregation to help ensure that a fair market price is always produced on-chain.
A few critical features of Chainlink Price Feeds include:
- 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 liquidity depth, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates 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 — Robust, publicly available reputation frameworks and on-chain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
We are also currently in the process of integrating Chainlink Keepers to help decentralize the automation of our vault smart contracts. Keepers is the industry-leading smart contract automation service, and the combination of Keepers and Price Feeds will help us further decentralize vault functions to build out true, end-to-end automated vault strategies.
“We’re dedicated to building user-friendly experiences that will usher in the next wave of DeFi adoption. A part of reaching that goal is making sure our backend functionality and vaults are as secure as possible. Chainlink Price Feeds help us accomplish that.” — the YOP Finance team.
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.