BitDAO Community Sponsors Chainlink Price Feeds for BIT, Enabling its Adoption Across DeFi | by BitDAO | BitDAO | Jan, 2022

Members of the community have privately sponsored the launch of new Chainlink Price Feeds on Ethereum, which serve as decentralized price oracles for the BIT token. The integration of Chainlink’s industry-leading oracle network will help optimize trading of BIT on spot and derivative DEXs, as well as enable the listing of BIT as a collateral asset on decentralized lending and liquidity management platforms.

The vision of BitDAO is to bring about an unstoppable economy enabled by decentralized assets, decentralized technologies, and decentralized organizations. BitDAO aims to support builders of the decentralized economy by providing a blockchain-agnostic platform for proposals to its treasury that are voted upon by BIT token holders. Possible proposals include direct partnerships, swaps with projects, and expansion via specialized autonomous entities that range from gaming organizations, artist guilds, product labs, asset managers and more.

It was decided to integrate with Chainlink because it is the most time-tested and widely used oracle network in the blockchain industry, already helping secure 80B+ in value for leading decentralized applications across multiple blockchains. Chainlink Price Fees has a strong reputation for premium data and robust oracle infrastructure, setting a solid foundation for growth and adoption of BitDAO’s native BIT token.

Oracles are critical to BIT’s wider market adoption, particularly to enable more capital-efficient spot and derivatives markets and increase its utility as collateral in DeFi platforms. When considering various oracle solutions, Chainlink was the obvious choice given it’s performance history and network effect. Some of the notable features of Chainlink Price Feeds include:

• 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 accurate global market prices that are resistant to API/exchange downtime, flash crash outliers, and data manipulation attacks.
• Blockchain Agnostic — Chainlink Price Feeds operate at the native speed and costs of the blockchains they support, removing dependencies on other blockchain networks.
• Robust Infrastructure — Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime.
• Transparent Monitoring — 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 price feeds.

“Chainlink has already proven to be a key component of the decentralized economy through its battle-tested oracle services that are easy to integrate and known for best-in-class security and reliability. BitDAO’s mission is to support builders of the decentralized economy and showcase the potential of DAOs, and Chainlink is an obvious choice for helping enable more liquidity and utility of the native BIT token.“ — BitDAO community member

About Chainlink
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 read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About BitDAO

BitDAO is one of the largest token governed treasuries with billions in assets and a broad mandate to facilitate the development of an unstoppable economy enabled by decentralized assets, decentralized technologies, and decentralized organizations. Through it’s treasury, BitDAO is creating an entire network of autonomous entities that bring together industry leading partners to scale Web3 technologies across art, entertainment, finance, technology, and more.

To join BitDAO and to turn ideas into ecosystems visit bitdao.io or join the community Discord.