handle.fi integrates Chainlink price feeds to bring decentralized Forex to Arbitrum One

4 min readSep 17, 2021

the global DeFi FX protocol, handle.fi, is excited to announce it has integrated Chainlink Price Feeds on the Arbitrum One network, an Ethereum layer 2 scaling solution. By integrating the industry-leading Chainlink decentralized oracle network, the handle.fi protocol has access to high-quality, tamper-proof price feeds needed to maintain accurate stablecoin and FX pricing. This integration provides protocol users with stronger assurance that they are receiving the most up-to-date, accurate price references when creating and exchanging multi-currency stablecoins.

initial integration involves the use of Chainlink Price Feeds for the following Forex currencies: CNY, KRW, EUR, PHP, and AUD.

Chainlink was chosen as the 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.

Integrating DeFi multi-currency stablecoins with Chainlink

at the beginning of 2021, the entire market capitalization of cryptocurrencies did not even match the daily spot volume of foreign exchange (Forex) markets. Despite considerable strides in innovation and the proliferation of USD stablecoin offerings, wider Forex DeFi offerings remain underdeveloped.

over the last twelve months, the handle.Fi community has worked diligently to bring its vision to reality. Handle.Fi has already closed initial funding and strategic rounds with some of the world’s leading DeFi investors. Additionally, handle.Fi is now delivering a protocol that offers multi-currency stablecoins, capital-efficient multi-collateral portfolio margin, and protocol stability through rapid liquidation mechanisms and 1:1 redemptions.

read more about how the global DeFi FX protocol works here.

in order to help secure the price feeds that allow accurate stablecoin and FX pricing, the protocol requires access to fresh asset prices supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, the handle.Fi protocol makes use of an oracle to fetch aggregated price data off-chain and deliver it on-chain for use by our application.

after reviewing various oracle solutions, Chainlink Price Feeds were integrated 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 helps generate accurate global market prices that are inherently resistant to inaccuracies or the manipulation of any single exchange 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 with a strong track record of reliability, even during periods of 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.

handle.fi is excited to integrate with Chainlink as the industry-leading decentralized oracle network as it builds to become the leading global protocol for DeFi foreign exchange.

about Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.

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about handle.fi

handle.fi is the global defi FX protocol. It allows the creation and exchange of multicurrency stablecoins. The basic primitives for the creation of a global defi FX market which form a critical piece of emergent defi infrastructure, underpinning broader adoption across geographies and providing defi participants opportunities to settle, hedge, borrow, lend and speculate in their own stablecoin currencies.

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