CHICAGO--(BUSINESS WIRE)--Vesper Finance, a leading DeFi ecosystem and growth engine for crypto assets, today announced that it is working with Chainlink to build a better means for establishing the U.S. dollar price of the total value locked (TVL) within the Vesper platform.
Every DeFi platform’s calculation of TVL (similar to “assets under management” or AUM in conventional finance) is unique to that platform. Often, this takes the form of retrieving price data from a single source or very few. This may result in a less-accurate representation of a digital asset’s price at a particular point in time.
Working with Chainlink, Vesper seeks to deliver the most accurate possible view of the total U.S.-dollar-denominated value of assets in its platform. This is accomplished via leveraging Chainlink’s time-tested decentralized oracle networks to integrate reliable data from multiple sources that exist outside of a cryptocurrency network (e.g., a digital asset’s price in fiat currency). Additionally, this data cannot be tampered with by outside parties or even the Vesper team.
“On behalf of the Vesper community, we are proud to work with technology innovators and leaders such as Chainlink,” said Jordan Kruger, co-founder of Vesper. “We intend to explore more comprehensive relationships with the Chainlink community at-large, which not only includes this work on a TVL oracle but our new Vesper Grow pool for the LINK token.”
Further detail is available on Vesper’s Medium post.
“We look forward to supporting the creation of Vesper DeFi products by providing secure and reliable decentralized price oracles that will enable even more advanced DeFi smart contracts,” stated Sergey Nazarov, co-founder of Chainlink. “By having premium data quality and robust oracle infrastructure, Vesper Pools can both properly calculate TVL and go on to create even more advanced capabilities.”
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others. Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
About Vesper Finance
Vesper Finance is a DeFi ecosystem and growth engine for crypto assets, providing a suite of yield-generating products focused on accessibility, optimization, and longevity. Vesper is dedicated to creating and supporting the conditions for DeFi’s expansion and success, to the benefit of all participants. Learn more about Vesper at www.vesper.finance and follow on Medium, Twitter, Telegram, and Discord. Vesper was built by Bloq, a leader in blockchain innovation and infrastructure.