Pika Protocol Integrates Chainlink Price Feeds Into Its Perpetual Swap Exchange on Optimism

We’re excited to announce that Pika Protocol — a perpetual swap exchange — has integrated Chainlink Price Feeds on Optimism mainnet. By integrating the industry-leading decentralized oracle network, Pika Protocol has access to high-quality, tamper-proof price feeds needed to help secure high leverage trading on various assets. This will provide our users with stronger assurances that the trades on Pika Protocol are settled at reliable prices that reflect global market rates.

Our initial integration involves the use of the following Chainlink Price Feeds: BTC-USD, ETH-USD, LINK-USD and SNX-USD. 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.

Pika Protocol is a decentralized perpetual swap exchange built on Optimism, featuring:

  • High Leverage: up to 50x leverage

In order to help secure our trade settlement price, we needed 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 a blockchain 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 integrated 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.

Pika Protocol also plans to integrate with Chainlink for more price feeds in the future, especially for non-crypto assets such as volatility index, commodities, and NFTs. In addition, Pika Protocol is looking to expand the exchange to multiple chains such as Polygon, Arbitrum, and Fantom.

“Chainlink Price Feeds provide Pika Protocol with the fresh market data it needs to more accurately and securely settle user trades,” stated Pika Protocol Founder. “Importantly, Chainlink Price Feeds are resistant to single points of failure, making it a more robust solution that’s been probably reliable during market volatility across numerous blockchains.”

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 Pika Protocol

Pika Protocol is the first decentralized perpetual swap exchange on Optimism, supporting up to 50x leverage on various assets with deep liquidity.

Learn more about Pika Protocol by visiting pikaprotocol.com, using the trade app at app.pikaprotocol.com and following @PikaProtocol on Twitter.

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The 1st perpetual swap exchange on Optimism, up to 50x leverage on any asset with deep liquidity

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Pika Protocol

The 1st perpetual swap exchange on Optimism, up to 50x leverage on any asset with deep liquidity