Binance Smart Chain
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Pricing oracles
Oracle
To ensure the integrity of IRON peg, the IronFinance protocol gathers necessary data, such as market price and liquidity pool information, from 2 external locations or "Oracles". IronFinance currently makes use of Chainlink Oracles. The integrity of the system relies on an accurate price of IRON and TITAN and STEEL. To achieve this the U.S. Dollar price of MATIC and BNB and USDC and BUSD is retrieved from Chainlink. This gives the protocol a consistent and up to date reading of the USD price of IRON, TITAN and STEEL tokens, used in calculating the Total Collateral Ratio(TCR). IRON's peg value is backed by a consistent price of USD and not a basket of on-chain stablecoins, the prices of which can deviate significantly.
Chainlink
Chainlink's Price data provide an on-chain, untampered feed of market prices. Using the Chainlink "oracle" eliminates the risk of inaccuracies in the liquidity pool data of an active Automated Market Maker(AMM) on a Decentralized Exchange(DEX) .
Last modified 11mo ago