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Avalanche DEX Trader Joe turns to Chainlink for new lending platform ‘Banker Joe’

Avalanche DEX Trader Joe today announced the launch of Banker Joe, new lending and borrowing platform powered by Chainlink price feeds.

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.

After today’s integration, users can leverage Banker Joe to earn interest on their assets by loaning them to others via non-custodial pools, or by depositing their own assets as collateral to borrow more assets.

Banker Joe references Chainlink decentralized price oracles to determine a user’s borrowing capacity during loan issuance and check loans for under-collateralization during liquidations.

Trader Joe’s initial integration supports multiple Chainlink Price Feeds: AVAX/USD, ETH/USD, WBTC/USD, LINK/USD, USDT/USD, USDC/USD, and DAI/USD. Importantly, our integration with Chainlink can easily expand Price Feed support for more assets in the future.

Why did Trader Joe choose Chainlink?

Trader Joe said it integrated Chainlink as it was the most reliable decentralized oracle network in the blockchain industry, one that already helps secure tens of billions of dollars for leading DeFi applications across various blockchains.

“Chainlink Price Feeds have proven over an extensive period of time to provide high-quality data and robust infrastructure, consistently updating accurately and securely during periods of extreme market volatility and network congestion,” Trader Joe developers said in a release, adding that Banker Joe is a crucial component of the overall vision to turn Trader Joe into a one-stop trading platform on Avalanche.

Users can deposit collateral and borrow assets from Banker Joe to effectively make long or short positions. However, borrowing doesn’t come without risk, as users can be liquidated when their health ratio falls below the 65% collateral factor.

Some of the 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 are aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes.
  • Secure Node Operators — Chainlink Price Feeds are secured by independent, Sybil-resistant oracle nodes run by leading blockchain DevOps teams and traditional enterprises with a strong track record for reliability.
  • 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.

The post Avalanche DEX Trader Joe turns to Chainlink for new lending platform ‘Banker Joe’ appeared first on CryptoSlate.

MetaFlower super mega yacht NFT sells for $650k in The Sandbox

As the world of the rich and famous starts to sit up and take notice of DeFi opportunities there has been a massive land grab to secure the best digital assets in some of the most popular metaverse projects. Week after week, buyers are snapping up sought-after assets.  Just last week we reported that Fashion::Listen

As the world of the rich and famous starts to sit up and take notice of DeFi opportunities there has been a massive land grab to secure the best digital assets in some of the most popular metaverse projects. Week after week, buyers are snapping up sought-after assets. 

Just last week we reported that Fashion Street Estate in Decentraland sold for $2.4 million. This week it is all about The Sandbox community. A plot of land has sold in The Sandbox for a whopping $4.3 million and a luxury virtual yacht has sold for $650,000. It is clear that the world of digital assets is exploding. 

The three-storied yacht features two helipads, a dancefloor, hot tubs and a DJ booth. It was designed as part of a luxury NFT collection for The Sandbox. Private islands, speed boats and jet skis are some of the other digital assets available. The collection of 100 private islands sold out in under 24 hours.

The Sandbox is one of the leading metaverse games where players can build, own and monetize their virtual experiences. It also gives players access to free design tools like VoxEdit and Game Maker so that they can customize their experiences within The Sandbox. 

The seller was Republic Realm, an investor and developer of virtual real estate and other digital assets. They recently purchased virtual land in The Sandbox from Atari for $4.3 million, the biggest metaverse property sale to date. They also own about 2,500 plots of digital land across 19 worlds.

Metaverse property sales are exploding

This is a continuation of a trend happening across all metaverse platforms. Buyers are securing their place in the virtual world and sellers are cashing in on the action. People are spending more time escaping the real world in favor of virtual bliss. Why spend time in a reality where Covid is taking centre stage when you can hangout with fellow creators in a virus-free oasis.

The covid virus has without a doubt exacerbated this need to escape and crypto has allowed us to create new economies. Participation through games from Decentral Games and other community-led initiatives are demonstrating the sustainability of the metaverse. They also show how fast it is growing and evolving. 

Now that we have the technology allowing us to tap into new online communities, experience virtual events and participate in ways like never before, investors are grabbing every opportunity to get involved.

The post MetaFlower super mega yacht NFT sells for $650k in The Sandbox appeared first on CryptoSlate.

Avalanche DEX Trader Joe turns to Chainlink for new lending platform ‘Banker Joe’

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