Revest Finance Integrates Chainlink Price Feeds to Help Secure Revest FNFT Value Locks
We’re excited to announce that Revest Finance — a protocol that allows fungible ERC-20 tokens to be packaged, stored, and transferred as non-fungible tokens (NFTs) — has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, Revest has access to high-quality, tamper-proof price feeds needed to determine when a value-locked FNFT becomes mature and is eligible for unlocking and withdrawals. This will provide our users with stronger assurances that their value-locked FNFTs won’t be subject to premature unlocking or withdrawal due to any manipulation of on-chain price data.
Our initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, USDC/ETH, LINK/ETH, USDC/USD and DAI/ETH. 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.
The Revest protocol provides SmartVaults powered by FNFT technology which can lock up any ERC-20 token. There are three types of composable locks: Time Locks, Value Locks, and Address Locks. These locks can enable a wide range of use cases. In order to help secure our Value Locks, 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’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more 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 — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that 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 look forward to integrating more of Chainlink’s off-chain data and computation services in the future to expand functionality within the Revest ecosystem and unlock its full potential. For example, Subsystems that enable the automated unlocking of value-locked FNFTs may be enabled by Chainlink Keepers, and there are coming integration plans to utilize Chainlink VRF in an unexpected location.
We decided to incorporate Chainlink Price Feeds into Revest at a very early stage in the project, and we’re extremely excited to bring this design decision to its full potential. Chainlink Price Feeds offer strong protection against manipulation and will support our value-locked FNFTs in withstanding the most aggressive attempts to open them before their maturity dates. Our users can rest easy knowing that their diamond handcuffs have strong protection against unlocking before the time is right.
~ Rob Montgomery, CEO of Revest Finance.
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.
About Revest Finance
The Revest Protocol pioneers a revolutionary new use of NFTs as financial tools. Individual and project level users can deposit any ERC20 into our interactive FNFTs and set custom unlocking conditions (time, value, or contract based). This high level of composability fills many of the massive gaps in the crypto landscape ranging from something as simple as new KPI based token vesting for launching dev teams to truly game changing implications for derivative and borrowing/lending platforms.