BlockWallet Integrates Chainlink Price Feeds to Help Calculate User Holdings
We’re excited to announce that BlockWallet — a privacy-first, self-custodial browser-extension wallet — has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, BlockWallet has access to high-quality, tamper-proof price feeds needed to accurately calculate the value of user holdings. This will provide our users with stronger assurances that the USD value of the ETH they’re holding in their BlockWallet account will be accurately displayed.
Our initial integration involves the use of the ETH-USD Chainlink Price Feed. 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.
This integration of Chainlink Price Feeds helps strengthen our wallet user experience, adding to the list of robust privacy and security features that we have in place. We’re excited to have Chainlink’s battle-tested price feed oracles working in tandem with our node failover system, privacy proxies, flash-bot protection, and phishing protection to create a safer Web3 environment for our users.
In order to help calculate the USD value of user holdings, 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 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 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.
- 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.
“Chainlink is the industry-standard oracle provider. Chainlink’s time-tested, tamper-proof technology made our choice incredibly easy when selecting an oracle network to access ETH-USD price data from.” — Aleksandras Gaska, Founder and CEO of BlockWallet
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
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