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[Blockchain Today Reporter Jihye Han] Oracle Solution Chainlink announced on the 12th that it will provide its own solution to Venus, a distributed loan service using cryptocurrency.
Venus is a money market and a synthesized stablecoin protocol built on Binance Smart Chain (BSC).
Venus calculates the collateral value and provides collateral services while maintaining higher security and reliability through Chainlink. Chainlink is an Oracle solution that connects external data sources to the blockchain in a secure and reliable way. It is already selling on-chain data to existing API providers and providing data to billions of dollars of smart contracts.
Through this collaboration, the two companies will use the market indicator data aggregated by Chainlink to lend them to Venus users or determine the value of the borrowed collateral. Chainlink determines the size of the loan by delivering off-chain data on the price formed in the market to the collateral asset in real time.
Joselito Lizarondo, CEO of Venus, commented on the collaboration, “As a loan market that provides credit to BSC, Venus upgrades to Chainlink to enhance security to protect users’ funds and ensure the right price at all times. “Because not only the verified security of Chainlink can be enjoyed, but because it can be operated directly based on BSC, we receive data that is updated quickly at a lower cost.”