We’re excited to announce that Cryptex Finance—an open-source financial instrument for the global crypto community—has integrated Chainlink Price Feeds on Optimism mainnet. By integrating the industry-leading decentralized oracle network, Cryptex Finance has access to high-quality, tamper-proof price feeds needed to help secure the minting of TCAP, a token tracking the total crypto market capitalization. This will provide our users with stronger assurances that TCAP is always referencing high-quality price data.
Our initial integration involves the use of the Total Marketcap/USD Chainlink Price Feed on Optimism. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Cryptex Finance gives users real-time price exposure to the entire cryptocurrency sector in a single solution, known as TCAP. The entire market, yours at the push of a button.
TCAP is not a fixed basket of tokens. TCAP is not an ICO, nor a rebasing elastic supply token. TCAP is a fully decentralized, 150% collateralized asset that’s both audited and accurately represents the entire cryptocurrency sector by total market capitalization.
In order to help secure our total crypto market cap token, TCAP, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
“Starting with Optimism, Cryptex is beyond excited to announce the deployment of multiple layer-2 network and sidechain integrations. On a cumulative basis, these networks represent billions of dollars in total value locked (TVL), now accessible to TCAP and the Cryptex ecosystem. Layer-2 networks provide users with lightning-fast transaction speeds, tx costs at a fraction of that of L1s, and the ability to mint TCAP, the Total Crypto Market Cap Token supported by the industry-standard security and tamper-resistance of Chainlink price oracles.” — Joe Sticco, Co-Founder
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.
About Cryptex Finance
You can keep up with Cryptex on Twitter, Reddit, Discord, Telegram, Youtube, and Stocktwits. You can access the technical documentation, whitepaper, and Quantstamp audit by visiting the Cryptex website.