Cryptocurrency slowly yet steadily taking over the global market- especially during the current pandemic situation where economics are falling, and people are in desperate need of a powerful online currency. Companies who are in a position to deal with Cryptocurrencies are heavily relying upon the blockchain technology to maintain the transparency in each transaction. Several features of cryptocurrency are what attract the investment from all across the globe.
Reflexer (@MetaCoinProject) has successfully integrated Chainlink's ETH/USD Price Reference Data as the basis for collateralization checks on their first Generalized Ethereum Bond (reflex bond) RAI—a low volatility, trust minimized collateral for #DeFi. https://t.co/aCe4DVPi9s
— Chainlink – Official Channel (@chainlink) July 20, 2020
Recently the official channel of Chainlink has announced that Reflexer has successfully integrated the Chainlink’s ETH/USD as the basis for the collateral check for their very first bond known as Generalized Ethereum Bond RAI. This news received different reactions in different countries across the globe. Most of the investors are pleased with the decision as they are excited to use a new asset as low volatility and trust minimized collateral under the DeFi protocols. This new reflex bond can suppress the volatility of the assets through the on-chain feedback mechanism that constantly alters the borrowing power to generate more bonds. In other words, the mechanism automatically closes out the opening of the bonds as soon as possible.
The primary reason why Reflexer has decided to go with the Chainlink’s price feed is that a critical component that is required to make RAI work is the reliable oracle that can deliver three different types of price feeds including; price for all collateral types, price data for RAI and data for a protocol token. Building one from scratch to serve this purpose was indeed challenging; therefore, they decided to go with an already established and running Chainlink’s price reference data oracle. A wide range of features like end-to-end decentralization, high-quality data, and a transparent visualization is what makes it a reliable oracle to leverage a large collection of the nodes. The investors in the market are looking forward to seeing the results of this integration.
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