After its initial token launch in June, TrustSwap, a smart contracts payments platform announced in a blog that Chainlink’s Price Reference Data – its decentralized oracle network – had been integrated with TrustSwap’s SmartLock and SmartEscrow products in order to determine fees associated with token-locking services.
TrustSwap believed that Chainlink’s ETH/USD price oracle, which sources price data from multiple independent, off-chain data aggregators, would provide market coverage across all trading environments. Meaning that integrating Chainlink’s data feeds into TrustSwap smart contracts, would allow the platform to know that their price data will reflect the volume-adjusted aggregate across all markets.
TrustSwap said this integration was a step forward for the firm in becoming the “go-to platform” for smart contract payment services and serve as a foundation to build on the Decentralized Finance (DeFi) ecosystem. CTO of TrustSwap, Adam Barlam said in a statement:
We selected Chainlink’s Price Reference Data because it’s a proven and easily integratable oracle network, already securing over $3B in value for other top DeFi applications such as Synthetix, Aave, yearn.finance, and more.
On the backend, the initial incorporation fees of the Chainlink ETH/USD price data feed into the TrustSwap SmartLock and SmartEscrow can be paid in ETH or SWAP tokens. The Platform fees, however, will be denominated in ETH/USD value at a ratio determined by the Chainlink oracle network, the release stated.