Dexfolio announced that the industry-leading Price Feeds of Chainlink have been integrated into its mobile app, adding accurate asset monitoring to an array of analytics capabilities. Users who can access portfolios will have complete access to extremely safe and trustworthy feeds, presenting an aggregate of prices throughout exchanges. It will help level the information of users in the app of Dexfolio. Customers may compare an exchange’s pricing to Chainlink Price Feeds while making different portfolio selections.
How Smart Contracts Operate
Developers began to consider how transactions in a decentralized manner might occur if there were no third parties (like a bank) present. They did it by incorporating a unique process of coding in the chain, which ensured that if two parties reached an agreement and met all requirements, transactions occur automatically. Smart contracts are the name given to transactions that operate on every blockchain.
The system of smart contracts, such as DeFi, needs the decentralized oracle network (DON). DONs let smart contracts access and utilize data from sources other than the original blockchain on which they operate.
DONs never depend on a single resource of data to gather and send information on digital assets. They gather information from oracle nodes making up a decentralized network, like API or a separate blockchain. These nodes further combine the gathered data into a solo response resource sent on the blockchain.
The smart contract is able to utilize the collected information to activate its logic, such as the market of decentralized transactions that uses a price feed to determine the borrowing eligibility of the user before providing a loan. As a result, the oracle networking in decentralization is more trustworthy and dependable than the oracle that is completely centralized.
Chainlink is a commonly utilized and tested oracle decentralized network in the blockchain industry. Chainlink Price Feeds deliver exact, error-free price info on-chain to use in apps by DeFI, protecting billions for major DeFi protocols, one of the pre-built services offered by Chainlink.
How will the Integration help Dexfolio users?
Dexfolio is attempting to decrease the number of hazards in smart contracts by developing an application that uses Chainlink’s capabilities. Dexfolio users who have complete access to the price feeds of Chainlink, have the advantage of getting regular updates and trustworthy price information about major assets at their fingertips.
Chainlink Price Feeds will be shown with individual prices of DEX within the Dexfolio app. The app’s users can select the necessary data for access. Users are free to compare the prices paid for tokens on specific DEXes to Chainlink’s larger market pricing, allowing them to make more effective decisions about exchanges to trade.