Channels Integrates Chainlink Price Feeds for Secure Lending and Borrowing Operations

We’re excited to announce that Channels — an innovative multi-chain DeFi lending protocol — has integrated Chainlink Price Feeds on Binance Smart Chain (BSC) mainnet. By integrating the industry-leading decentralized oracle network, Channels now has access to high-quality, tamper-proof price feeds needed to calculate the collateral and borrowed asset value of users. This will provide our users with stronger assurances that the Channels lending platform is highly stable, healthy, and attack-resistant.

Our initial integration involves the use of Chainlink Price Feeds for the following assets: BNB, BUSD, DAI, USDC, USDT，BTC, ETH, BETH, XRP, ADA, UNI, BCH, LTC, LINK, FIL, MATIC, DOGE, DOT, and CAKE. 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 extreme market events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

Channels. finance is a multi-chain lending platform focused on user asset security and supporting both LP mortgage lending and an LP aggregator. Users can deposit in Channels to get interested and mining rewards, borrow tokens to obtain mining rewards, participate in DAO governance to obtain pledge income, and partake in liquidity mining and pledge mining to obtain CAN income.

As the current leader in LP mortgage lending, Channels maintains strong security (no security incidents), high yield, sufficient liquidity, a beautiful UI, and friendly product interaction. The ability to deposit mainstream tokens has long been the most used feature of our lending platform due to desirable interest rate models and ample liquidity. Channels is also touted as easy-to-use due to the user-friendly UI design and experience.

In order to help secure the value of our collateral and borrowed assets, we need 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 network 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 generates more precise 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.

“We are passionate about the quality of our user experience and the security of user assets on Channels,” said Channels Co-Founder Samson Yee. “This is why we’re particularly thrilled to integrated Chainlink Price Feeds as they provide unparalleled price oracle security and reliability. Chainlink is also blockchain agnostic, allowing Channels to scale beyond BSC in the future including to HECO, Arbitrum, and more.”

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 Channels

Channels is one of the top leading multi-chain DeFi lending platforms. Users can deposit (including single token and LP tokens) and borrow tokens on Channels, with both deposit and borrowing receiving platform token CAN rewards. As a new generation of DeFi lending protocol, Channels quickly became the world’s fourth-largest lending platform in just 7 months, the world’s largest LP mortgage lending platform, and has never had any security incident.

Channels has now launched BSC and HECO. TVL has long been ranked N0 1 on HECO. It became the second-largest lending platform on BSC on the second day of BSC’s launch. It is also the largest LP mortgage lending platform on the two platforms, and the mining revenue has long been the highest on BSC and HECO.

Currently, Channels supports 18 mainstream tokens and 10 LP mortgage pairs on BSC, and 18 mainstream tokens and 11 LP mortgage pairs on HECO. This gives users multiple choices to the greatest extent. It is worth noting that users can pledge LP to lend a single currency, which can optimize the rate of return while increasing the utilization of funds for the users.

The community of Channels is also very sizable. The Telegram group has 30,000 followers, Twitter 43.8K Followers, and the Chinese community is also one of the most active in the HECO community.

Channels Ranked No 1 in the HECO main node election. Channels returns 100% of the node revenue to users and the current APY revenue is 5.05%

Channels also launched Binance Smart Chain (BSC) on August 25. The staking method of LP+ single token has been favored by users on BSC. On August 26, Channels BSC also launched DAO community governance. The core purpose of DAO governance is to allow users who hold CAN to have a say in community governance and to achieve optimal governance through gameplay and market mechanisms.

Channels is expected to cross-chain to Arbitrum on September 28, starting the mining promotion at 19:00 on September 28th and going for one week. Single token lossless mining rewards will be doubled 2–3 times on the Arbitrum chain. Channels will also provide LP mortgage lending services. During the first-week of mining promotions, the income of LP mortgage lending will be increased by 50%-100%. By then, Channels will launch leveraged lending services, which will provide users with up to 8 times leverage, and at the same time, the slippage loss will be extremely low to save users to the maximum extent. Leveraged lending can solve the problems of insufficient funds and low capital utilization rates at certain times, and improve capital utilization and return rates for users.

The best way to get involved with Channels is to join in!

Telegram：https://t.me/channels_finance

Twitter：https://twitter.com/ChannelsFinance

Discord：https://discord.gg/VMNGuDzxnq

Github： ChannelsFinance — Overview