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FilSwan Integrates Chainlink Price Feeds To Help Secure Multi-Chain Storage Payments
We’re excited to announce that FilSwan — a cross-chain solution provider for Web3 — has integrated Chainlink Price Feeds on Polygon mainnet. By integrating the industry-leading decentralized oracle network, FilSwan has access to high-quality, tamper-proof price feeds needed to obtain accurate real-time asset prices in our smart contracts, helping ensure the most accurate market rates when storing data on multichain.storage. This will help provide our users with globally accurate fair market rates when paying for multi-chain storage.
Our initial integration involves the FIL/USD and USDC/USD Chainlink Price Feeds for accurate and time-sensitive market data when swapping tokens for cross-chain storage. 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 events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
FilSwan’s multichain.storage is a smart-contract-based cross-chain storage gateway that helps accelerate the mass adoption of decentralized storage by bridging multiple blockchain networks.
With multichain.storage, users can:
- Pin files stored with FilSwan on IPFS nodes
- Have five Filecoin backup nodes at all times
- Use USDC payment for Filecoin storage
- Benefit from cross-chain ZK proofs to Polygon
Supported by Chainlink’s time-tested market data solution, FilSwan’s mulichain.strorage lets Web3 users store a wide variety of data on IPFS/Filecoin from a multitude of domains, including NFT metadata, scientific data, sports data, market analytics, and more.
In order to help secure our FIL/USDC asset swaps when paying for multi-chain storage, 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 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 are 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.
FilSwan also helps operate the Chainlink Network by running a Chainlink node. The muiltichain.storage platform also uses Chainlink External Adapters to help provide users with additional protection against data loss.
“As a team with extensive experience with decentralized storage technologies along with Filecoin infrastructure development, we look forward to creating tools that advance connectivity for decentralized storage in the multi-chain smart contract ecosystem using Chainlink oracles.” –Charles Cao, Founder of FilSwan
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 reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
Part of the Startup with Chainlink community, FilSwan offers a complete solution enabling Web3 developers to integrate decentralized storage, edge computing, and payment across multiple chains with ease.
The team has received an extensive list of grants and awards, namely the Chainlink and Filecoin Joint Devgrant, Filecoin Data Computing Grant and FS3 — A S3 compatible storage gateway to Filecoin. As a Binance Labs Session project, FilSwan is backed by VCs such as SNZ, Waterdrip Capital and FBG Capital.