Octane Finance guarantees safe limit order execution via Chainlink integration
- Integration will ensure accuracy of token pair prices and prevent flashloan attacks
- Operation starts with placing a limit order to buy or sell a token pair at desired price
- Executor network accesses fresh asset prices, supplied reliably and directly on-chain.
Decentralized rewarding limit orders platform Octane Finance will integrate the industry-leading oracle network Chainlink (LINK/USD) Price Feeds on Binance Smart Chain (BSC) to guarantee access to tamper-proof, top-quality, highly reliable price feeds. This, in turn, will ensure accuracy of token pair prices, warding off flashloan attacks, and safe execution of all limit orders, Octane posted.
“We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for 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,” Octane wrote.
Redefining limit orders
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The limit orders platform is redefining the subject of its activity by making it rewarding and smart at the same time. Octane works through a simple mechanism, which starts with placing a limit order to buy or sell a token pair at the price of your choice. Then, the protocol generates interest in the pair based on proven, open DeFi yield protocols. When all terms are fulfilled and the market price reaches the limit price, the platform fills the order after taking the tokens out of the yield protocols.
Securing access to fresh asset prices
A cutting-edge executor network facilitates the above mechanism. To do so, it accesses fresh asset prices supplied reliably and directly on-chain. Octane needed an oracle to deliver aggregated price data off-chain and make it available to their app on-chain. They chose Chainlink Price Feeds because of their high-quality data, safe node operators, decentralized network, reputation, and other critical features.
As Octane continues to expand, they will keep using data feed from Chainlink to provide support for more and more token pairs. In the future, Octane plans to integrate Chainlink on other chains as well. They describe Chainlink as a highly trusted oracle provider, compatible with a vast number of DeFi protocols, and hope to use their experience to secure their offering after setting up a sustainable oracle network for the benefit of all users.