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Risq Protocol Integrates Chainlink Price Feeds to Help Secure Call and Put Options on Crypto
It has always been Risq Protocol’s vision to become the largest DeFi options trading platform while providing users with accurate prices that cannot be manipulated.
To achieve its goal, Risq Protocol is thrilled to announce the integration of the price feeds of industry-leading decentralized oracle network, Chainlink, on Binance Smart Chain (BSC) mainnet.
The integration will allow Risq Protocol to access the high-quality, tamper-proof price feeds it needs to ensure accurate pricing on option premiums and profits and losses at the time of exercising options.
Risq Protocol’s Options Desk is a decentralized options trading platform where liquidity providers serve as option writers and traders can buy or put options to take positions on the price movement of assets or to protect their crypto holdings against price dips.
To ensure high-security levels of its call and put options contracts, Risq Protocol needs to get its hands on fresh asset prices collected from multiple trading environments and supply directly on-chain in a highly reliable manner.
With Chainlink already providing its services to several leading DeFi protocols responsible for billions of dollars in smart contract value and maintaining robust security and high availability at all times, Risk Protocol considers it the perfect fit for its goal.
The initial phase of the integration will see Risq Protocol use Chainlink Price Feeds for WBTC, BNB, ETH, BCH, LTC, LINK, COMP, CAKE, UNI, YFI, AMZN, TSLA, PAXG, and GOOGL. Subsequently, future updates will include all pairs backed by the US dollar and more feeds.
Commenting on the integration, Mace McLain, co-founder of Risq Protocol, said, “We selected Chainlink because we wanted to use the most trusted oracle network with access to multiple blockchains and the most price feeds compared to other projects.”
About Risq Protocol
Risq Protocol offers decentralized risk and asset management Dapps starting with DeFi Options trading on OptionsDesk.
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.
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