Vesq Is Integrating Multiple Chainlink Services To Help Secure It’s Treasury and Bonding Protocol

We’re excited to announce that Vesq — a decentralized reserve currency protocol — is integrating Chainlink Price Feeds and Chainlink Keepers on Polygon. By integrating the industry-leading decentralized oracle network, Vesq will have access to high-quality, tamper-proof price feeds needed to accurately determine prices of treasury assets and bonding assets. Ultimately, this will provide our users with stronger assurances that the funds in our protocol have a robust price oracle mechanism to minimize slippage and help mitigate various attack vectors.

We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

Vesq will be utilizing Chainlink Keepers — a decentralized smart contract automation solution — to add more utility to our smart contracts and automate certain protocol functions. Chainlink Keepers is powered by a decentralized network of highly reliable nodes that are incentivized to call smart contacts based on predefined conditions, all without competing with each other. The integration will allow us to introduce more advanced functionality at low costs, such as automating our token rebasing mechanism.

Vesq is an algorithmic currency protocol on Polygon. The goal is for VSQ, Vesq’s token, to be the USD-alternative primitive for DeFi. VSQ will be integrated into money markets, DEX pairs, and yield farming protocols as a stable asset.

In order to accurately calculate minting discounts and staking APYs, we need access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:

  • High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
  • Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
  • 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 oracle network.
  • Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

“We are going to great lengths to make the Vesq project phenomenal and really make our mark on this industry,” said Zackary Gates and Syed Habib, Co-Founders of Vesq. “We are very excited to be integrating with Chainlink to provide a better user experience with stronger assurances around protocol security and reliability.”

About Chainlink

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. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Vesq

Vesq is building a policy-controlled currency system, in which the behavior of the VSQ token is controlled at a high level by the DAO. In the long term, this system will be used to optimize stability and consistency so that VSQ can function as a global unit-of-account and medium-of-exchange currency. In the short term, Vesq will optimize the system for growth and wealth creation.

Learn more about Vesq by visiting vesq.io.

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Vesq

Vesq

A decentralized reserve currency protocol on Polygon delivering passive income via profit sharing & making decentralized finance SIMPLE & PROFITABLE for all.