Orbs Becomes Official Sponsor of Chainlink Reference Data Networks To Support Accurate Price Feeds in DeFi
June 11, 2021 – Tel Aviv, Israel
Orbs has become an official sponsor of Chainlink Reference Data Networks, supporting the oracle price feeds.
The sponsorship means that Orbs is helping secure and decentralize Chainlink oracles, while at the same time enabling smaller projects to use Chainlink free of charge. The oracle network currently relies on sponsors to incentivize the data providers and pay for their services, which means that sponsors are vital to the success of the Chainlink network.
Orbs is sponsoring Chainlink’s USD pairs, and the ETH/USD pair, specifically. It joins a list of leading DeFi protocols and infrastructure providers who benefit from the success and resilience of Chainlink’s tamper-proof oracle network. Chainlink is currently the market standard for decentralized Sybil-resistant and manipulation-resistant oracles. The Chainlink price feeds are vital for a number of DeFi projects, which require accurate price data that resists manipulation attempts on one or several trading venues.
Orbs recently began using Chainlink price feeds for its Liquidity Nexus protocol, an innovative solution to reduce impermanent loss in AMMs by splitting the two sides of a traditional liquidity pool. This allows users who only want exposure in USD, primarily Orbs’ enterprise partners, to collect a portion of the fees in leading DEXs without necessarily acquiring exposure to cryptocurrencies. In contrast, crypto enthusiasts can collect the same fees while maintaining single-sided exposure and reduce impermanent loss compared to a 50/50 portfolio split.
Tal Kol, co-founder of Orbs, said,
“True to the community spirit, Chainlink’s price feeds are maintained on a voluntary basis. We think it’s important to give back to the community from something you strongly benefit from, which is why we decided to sponsor the Chainlink reference data networks after a successful integration. We hope this will help further support and grow the network, and enable more projects to build resilient products with this data.”
Orbs is an enterprise focused project that has been particularly active in the DeFi space, seeking to bridge enterprise with the revolutionary financial ecosystem with Liquidity Nexus. Orbs is heavily involved in funding and supporting upstart DeFi projects, both through an in-house grants program and the DeFi.org accelerator, launched in 2021 as the result of a collaboration with Binance.
About Orbs
Orbs is a public blockchain infrastructure designed for mass usage applications offering developers a proper mix of performance, cost, security and ease-of-use. The Orbs protocol is decentralized and executed by a public network of permissionless validators using proof-of-stake (PoS) consensus. Founded in 2017, Orbs is being developed by a dedicated team of more than 30 people out of its offices in Tel Aviv, Israel; Singapore; Tokyo, Japan; and Seoul, South Korea. Orbs was named Gartner’s ‘cool vendor in blockchain technology’ for 2018.
Orbs has been particularly active in the DeFi space and is heavily involved in funding and supporting upstart DeFi projects, both through an in-house grants program and the DeFi.org accelerator, launched in 2021 as the result of a collaboration with Binance. Its latest push into the DeFi space has been the launch of the Liquidity Nexus.
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About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains, as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi) space, and insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit us here and subscribe to the Chainlink newsletter.
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