TLXFi Integrates Chainlink Automation & Price Feeds on Optimism
blockchainreporter.net 18 July 2024 09:32, UTC Yesterday, on July 17th, TLXFi, the custodial leveraged token platform, officially integrated the powerful Chainlink automation and price feeds on the Optimism network. This is an important integration, as by automating processes, developers save on setup and maintenance costs and avoid the risks associated with centralized automation systems.
.@TLX_FI has integrated #Chainlink Automation and Price Feeds on @Optimism.
TLX is using Chainlink to enhance security and automatically rebalance tokens for its protocol. pic.twitter.com/1JxF8zL621
— Chainlink (@chainlink) July 17, 2024
Optimism serves as the foundation for TLXFi, which is a permissionless, non-custodial leveraged token platform. Additionally, it lets users create leveraged tokens (LTs). They can redeem the LTs for over 50 assets with up to 20x leverage.
Synthetix issues perpetual futures contracts to support every LT. Leveraged tokens are ERC-20 tokens. They give leveraged exposure to an asset and keep the leverage factor within a set range. For the creation of the tokens, the Synthetix Perps V2 engine is utilized.
Using these tokens provides a fast way to access leveraged positions. This is done by using the extensive liquidity. It also uses the low fees that Synthetix offers.
Chainlink Automation & Price Feeds Overview
Automation and price feeds are two of the best features of Chainlink.
Firstly, developers can automate smart contracts by utilizing a decentralized network that is both safe and hyper-reliable. This network makes use of the same external network of node operators that protects billions of dollars.
By utilizing Chainlink Automation, developers will be able to speed up the development process, save both time and money and assist users in getting their products to market more quickly. They can skip setup costs, ongoing maintenance, and risks tied to centralized automation.
Next, Chainlink Data Feeds are a collection of data on the blockchain. It is compiled by a decentralized group of independent node operators from many sources.
But, there are a few exceptions. In some cases, the data for a feed can only come from one source.
Finally, due to this addition, developers can focus on innovation and functionality. They can stop building and maintaining their own data feeds and automation systems.
