Bybit, one of the fastest growing crypto exchanges, announced today the integration of over 35 Chainlink Price Feeds into its spot trading platform on the Polygon mainnet.
As per the announcement, the integration now gives Bybit access to high-quality decentralized price data feeds for high-volume spot trading pairs. Notably, Chainlink Price Feeds help add decentralization and dependability when calculating spot indices. Since its launch, the Chainlink Feed Price innovation has been the industry standard for decentralized data, especially within the DeFi ecosystem. This gives Bybit users a higher assurance of accurate prices when making their spot trades.
The integration will help improve the much-needed overall price stability and exchange rate for digital assets, a problem that has long challenged the operability of many exchanges, including Bybit. With the Chainlink Price Feeds, Bybit can now protect users from extreme market volatility.
Chainlink Price Feeds provides high-quality data sourced from numerous premium data aggregators. This data then provides price data aggregated from numerous exchanges, cleaned from outliers and suspicious volumes, and weighted by liquidity depth. The aggregated price data will help improve Bybit’s price mechanism and spot price.
In addition, Bybit chooses Chainlink Price Feeds because of their secure node operators. Independent security reviews and Sybil-resistant oracles secure Chainlink Feeds. These are run by leading blockchain DevOps, data providers, and reliable traditional enterprises.
Bybit is also confident with the transmittance and decentralized network that Chainlink Price Feeds brings to the table.
Commenting on the integration, Ben Zhou, co-founder, and CEO of Bybit, said:
“We’re always looking to improve Bybit’s price accuracy and transparency in spot trading. These features underpin a better platform user experience that inspires user confidence in the underlying exchange. With this integration of Chainlink Price Feeds, our users have stronger assurances that they are trading using real-time, fair-market price data and that the platform itself has an additional layer of protection during extreme market events.”
Launched in March 2018, Bybit features a digital asset exchange with spot, futures, options offering, perps, an NFT market, and earning products that allow for DeFi yield access.