One of the fastest growing digital asset exchanges, Bybit, announced today that it has integrated more than 35 Chainlink Price Feeds on Polygon mainnet to help secure the platform’s high-volume spot trading. The integration marks a pivotal moment for the user-centric exchange in its quest to become a comprehensive “one-stop crypto hub.”
Chainlink is the blockchain industry’s leading decentralized oracle network, with more than 1,000 bespoke oracle networks securing tens of billions of dollars in smart contracts powering the vast majority of the decentralized finance (DeFi) industry.
A Bybit spokesperson told Chainlink Today that the integration adds an essential level of dependability and decentralization for calculating spot indices. This improves the experience of the platform’s more than six million registered users by providing higher assurances that spot trades are executed with the most accurate and up-to-date asset prices.
“We’re always looking to improve Bybit’s price accuracy and transparency in spot trading,” the spokesperson said. “These features underpin a better platform user experience that inspires user confidence in the underlying exchange.”
Chainlink’s volume-weighted, aggregated price data will help improve Bybit’s backend pricing mechanism, spot price outliers, and protect users during times of acute volatility.
Said Bybit’s team, “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.”