BadgerDAO Has Integrated Chainlink Price Feeds on Ethereum to Support eBTC Adoption

We are pleased to announce that BadgerDAO has integrated the ETH/USD and BTC/USD Chainlink Price Feeds on Ethereum mainnet to support eBTC. By integrating the industry-leading decentralized oracle network, BadgerDAO has access to high-quality, tamper-proof price feeds needed to help enable users to protect their funds. This will provide our users with stronger assurances that they can quickly react to depegging events and avoid unnecessary losses.

BadgerDAO is also considering integrating Chainlink Cross-Chain Interoperability Protocol (CCIP) to help enable the possibility for secure cross-chain transfers of eBTC in the future using a burn-and-mint mechanism.

After careful consideration and due diligence, Badger selected Chainlink as it’s go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink has already enabled $9.2+ trillion across the onchain finance ecosystem, maintaining robust security and high availability even amidst unexpected events.

In order to help support eBTC adoption, we needed access to fresh asset prices that are supplied directly onchain 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 offchain and deliver it onchain to be consumed by our application.

After reviewing various oracle solutions, we decided to integrate the 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 liquidity depth, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
• 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 — Robust, publicly available reputation frameworks and onchain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
• Economy of Scale — Chainlink Price Feeds benefit from an economy of scale effect, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets. This allows DeFi projects to get premium data quality and robust oracle security for a lower total cost.

“Highly reliable, accurate, and timely price data is critical for supporting the adoption of eBTC across the DeFi ecosystem, which is why we’re excited to integrate the industry-standard Price Feeds on Ethereum.” — Spadaboom, Co-founder BadgerDAO

About Chainlink

Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $9.2 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

About BadgerDAO & eBTC

BadgerDAO is a decentralized collective of builders supporting community-driven growth for Bitcoin across DeFi. Pioneering the eBTC token and protocol, BadgerDAO introduces an innovative approach to leveraging bitcoin in DeFI. eBTC is a collateralized crypto asset soft pegged to the price of Bitcoin and built on the Ethereum network. It is backed exclusively by Lido’s stETH and powered by immutable smart contracts with minimized counterparty reliance. It is designed to be the most decentralized synthetic Bitcoin in DeFi and offers the ability for anyone in the world to borrow BTC at no cost.