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Geist Finance Aims To Accelerate DeFi’s Growth With Chainlink Oracles

Fantom Opera’s leaderless, permissionless blockchain employs an aBFT consensus mechanism that allows transactions to finalize within seconds instead of minutes or hours. Its EVM compatibility allows developers to write and deploy smart contracts the same way they would on Ethereum, while maximizing transaction speed and avoiding network congestion. 

In August, Fantom natively integrated Chainlink Price Feeds, which Simone Pomposi, who runs marketing at Fantom Foundation, called the “last missing piece of the puzzle” for developers building on Fantom.

Fantom’s largest decentralized money market, Geist Finance, works similarly to Aave, which uses Chainlink oracles on the Ethereum blockchain. Last week, Geist also integrated Chainlink Price Feeds on the Fantom mainnet in order to calculate borrowing rates and collateralization ratios.

“Chainlink allows Geist to leverage off-chain pricing data for calculating lending rates using a decentralized network of price oracles,” Geist’s team told Chainlink Today. “This creates a more trustless and secure environment, where users don’t have to rely on the lending platform to maintain accurate off-chain price feeds.”

Having always used and built on top of Aave on Ethereum, Geist’s team was inspired to build a protocol on Fantom with minimal governance and no VCs. Geist’s staking and fee distribution system is designed to provide steady rewards to active protocol users.

Chainlink’s industry-leading oracle solution powers the vast majority of DeFi, currently securing more than $75 billion in value. Geist’s team told Chainlink Today that integrating Chainlink oracles positions Geist to further expand DeFi’s reach. 

“Chainlink is an integral part of the DeFi ecosystem, creating a higher level of security and reliability for its users,” they said. “With Chainlink powering on-chain functions like calculating lending rates and pricing assets, we’re ready to accelerate DeFi’s widespread growth and adoption.” 

The team behind Fantom’s largest money market said they’re continuously evaluating new assets to be added as collateral on Geist. And they’re looking forward to seeing even more advanced decentralized services deliver DeFi to the mainstream.

“We believe that we’ll be seeing more development in the future from decentralized oracles and we’re proud that we are mutually supporting the success and growth of one another and the DeFi ecosystem.”

To learn more about Geist Finance, visit their website, Twitter, Medium, Discord, and Telegram.

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