[PRESS RELEASE – New York, New York, 20th July 2022]
NEW YORK, July 20, 2022 — Bybit is excited to announce the integration of 35+ Chainlink Price Feeds into its spot trading platform on Polygon mainnet. By integrating the industry-leading decentralized oracle network, Bybit now has access to high-quality, decentralized price data feeds for high-volume spot trading pairs. Chainlink Price Feeds add a crucial level of dependability and decentralization when calculating spot indices, ultimately giving Bybit users even higher assurances of accurate prices when making spot trades.
With over 6 million registered users, Bybit is one of the fast-growing crypto exchanges that features a digital asset exchange with spot, perps, futures and options offerings, an NFT marketplace, and earning products that allow for DeFi yield access. With hundreds of trading pairs spanning spot indices and derivatives, Bybit takes a user-centric approach to platform development and aims to become a one-stop crypto hub for users.
Price volatility across a wide range of trading pairs is a given for any exchange platform, decentralized or not — and Bybit experiences price volatility on a daily basis. This makes it important to continuously improve on the overall price stability and exchange rates for digital assets, which made a compelling case for the integration of Chainlink Price Feeds, the industry standard for decentralized price data across the DeFi ecosystem.
The volume-weighted, aggregated price data helps improve Bybit’s backend pricing mechanism, spot price outliers, and protect users in the case of extreme market volatility. Ultimately, this gives an extra level of confidence and trust to Bybit spot traders, who should always be able to execute trades in real-time market conditions.
Bybit chose Chainlink Price Feeds because they provide a robust source of truth on digital asset prices, with value-adds 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 liquidity depth, and cleaned from outliers and suspicious volumes.
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 for reliability, even during high gas prices and extreme network congestion.
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 the oracle network.
Transparency — Robust, publicly available reputation frameworks and on-chain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
“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,” said Ben Zhou, co-founder and CEO of Bybit.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers 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.
Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.