SparkLend has integrated a multi-oracle system using providers ChronicleLabs, Chainlink, and Redstone DeFi to enhance the security and reliability of its lending markets. This system employs oracle price feeds from all three providers to ensure redundancy and mitigate risks associated with potential feed failures. In the event that all three oracles fail simultaneously, a Uniswap time-weighted average price is used as a fallback.
The platform utilizes four types of oracles: Market Price, Fixed Price, Underlying Asset Price, and Yielding Fixed. Market Price oracles reflect live trading values, while Fixed Price oracles maintain stablecoin values at $1.00 to prevent manipulation. Underlying Asset Price oracles track the value of derivatives like LBTC and tBTC against BTC, and Yielding Fixed oracles calculate prices using exchange rates and market prices for ETH derivatives. Sky governance oversees the selection of oracles for each market, ensuring optimal security and functionality.
SparkLend Implements Multi-Oracle System for Enhanced Security
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