Parrot integrates Chainlink price feeds for liquidation and warranty
According to the latest development, decentralized finance (DeFi) platform Parrot has announced that it will use Chainlink Price Feeds to liquidate loans and estimate collateral requirements for lending money. This particular announcement has caught the attention of blockchain experts as the partnership is expected to further improve DeFi’s prospects in the industry.
The reason behind selecting Chainlink Price Feeds is not very difficult to estimate. The company has been at the forefront of providing Oracle-based price feeds to a number of players and this latest addition will further solidify its lead in the segment. The price feeds offered by Chainlink are safe from any kind of counterfeiting or falsification, making them one of the preferred choices for organizations across the spectrum.
The total value locked in by projects involving Chainlink Price Feeds is in the billions of dollars and even in the event of an unexpected incident, downtime or volatility, the data continues to deliver the safety and security standards. highest for all stakeholders involved in the ecosystem.
Parrot is convinced that with this particular integration, the company is able to offer better services to its users who can take out the loan against their positions in the LP tokens. These tokens can be used as collateral and the stable coin of the Parrot platform can be borrowed by users. Thanks to Chainlink’s decentralized data capabilities, which retrieves data from a wide range of sources, Parrot finds Chainlink an ideal partner in its business model. The users are also satisfied because they cannot be defrauded or deceived against the fake value of loans and borrowings.