HollaEx is Integrating Chainlink Price Feeds to Bring Trusted Price Data to White-Label Exchange Solutions

Date Published -
November 17, 2021
HollaEx is Integrating Chainlink Price Feeds to Bring Trusted Price Data to White-Label Exchange Solutions
HollaEx is Integrating Chainlink Price Feeds to Bring Trusted Price Data to White-Label Exchange Solutions

HollaEx is excited to announce that we are integrating the industry-leading Chainlink Price Feeds to support our white-label exchange solution. Chainlink Price Feeds are open-source, decentralized data feeds that provide users with real-time financial market data in a fully transparent and highly reliable manner—well suited to HollaEx’s open-source exchange. By integrating Chainlink Price Feeds, clients building their own exchange solution through the HollaEx tech stack can incorporate Chainlink Price Feeds to give their users trusted global benchmarks on various cryptocurrencies and other asset types—ultimately improving the decision making of its users and enabling advanced use cases in the future like limit orders.

Chainlink Twitter post on exchange price feed and HollaEx.

We chose to integrate Chainlink because it is the industry-leading price feed solution for decentralized and centralized finance projects in the cryptocurrency industry. Chainlink Price Feeds are time-tested in production and already help secure tens of billions of dollars in value. Chainlink Price Feeds use a decentralized network of nodes to source from numerous premium data sources, leading to price data with wide market coverage and strong assurances around uptime and tamper-resistance.

Aggregated Price Data for HoolaEx Exchanges

HollaEx is an open-source exchange network platform that helps developers quickly go to market by offering white-label exchange solutions. Developers can use HollaEx to set up a wallet-connected exchange platform that already hosts popular cryptocurrencies such as Bitcoin, Ethereum, and USDT. HollaEx provides a complete RESTful API for developers that allows full access to all the functionalities on the exchange, as well as support for websockets that give real-time updates. Clients can also build and launch their own tokens directly on their exchange solution.

An important aspect of trading on exchanges is having reliable price data. While exchanges built from the HollaEx tech stack will have price discovery within the exchanges through buying and selling of assets, it’s important to have an understanding of the wider crypto markets, particularly through a volume-adjusted average across all exchanges in order to avoid poor decision making in potentially new, low liquidity markets.

After reviewing various solutions, we selected Chainlink Price Feeds because they not only provide high-quality data, but do so in a transparent manner without single points of failure. This brings a whole new set of features to our users for a superior trading experience. Some of the other notable optimizations 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 more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks.
  • Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
  • Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
  • Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.

“Establishing built-in support for Chainlink Price Feeds will enable developers to provide their users with real-time market data reflective of an aggregate across all trading environments, leading to a better overall user experience,” commented Ali Beikverdi, CEO of HollaEx. “Chainlink Price Feeds has become the industry-standard across DeFi and increasingly CeFi, making it the ideal benchmark for users to compare their trades against.”

About HollaEx

HollaEx is the best exchange software kit that allows anyone to create markets, coins and have them added to your website HollaEx is more than just a white-label exchange, it is an open-source crypto kit that connects your business to the blockchain world.

Learn more about HollaEx by visiting HollaEx.com or read the documentation at docs.hollaex.com. To discuss exchange technology and other developer related issues with your exchange join the HollaEx Discord, or reach out to the community of expert exchange engineers on the HollaEx forum.

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.

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