Flux Protocol to Power Aurora’s DeFi Growth

Decentralized Finance (DeFi) sits at the intersection of two major trends. The first is the move away from closed transit systems to open, reusable networks that are more efficient, scalable, and cost-effective. The second trend is the dramatic growth in the adoption of blockchain technology for payments, exchanges, deposits, and other various forms of smart contracts. Together, these two trends combine to form a compelling use case for DeFi applications built on top of NEAR Protocol.

With the full-feature launch of its low cost, lightning-fast, EVM-compatible L2 and $800m ecosystem grant, DeFi is set to come of age on NEAR Protocol. Developers keep pushing new use cases for Ethereum every day, ushering in a new era of distributed applications, participating in the ecosystem has grown prohibitively expensive. However, there’s no denying Ethereum’s network effect.

To fulfil its vast potential, a lighter, faster, and scalable EVM layer is of paramount importance. This is where Aurora comes in.

Building DeFi 2.0

NEAR Protocol is one of the most critically acclaimed blockchain infrastructures designed specifically to enhance the scalability and adoption of blockchain technology. Built for speed, security, and performance, NEAR provides the highest level of security and oversight with a completely decentralized and distributed network with commercial-grade robustness, reliability, fault tolerance, and ease of use at its core.

Aurora complements Ethereum, providing a solid foundation for developers to build mission-critical services and further unlocks Ethereum’s potential, enabling the trustless execution of decentralized applications. As a new wave of DeFi products launches on the network, dApps will need enhanced security at the network data level, especially for price feeds.

“Flux team was among the first users of the Rainbow Bridge after its rollout in March 2021,” said Alex Shevchenko, CEO of Aurora Labs. “We’re happy that Flux’s solution will become one of the first oracles on Aurora, achieving the major milestone to bring all the necessary infrastructure projects into place on Aurora.”

Securing DeFi Price Feeds

As the lifeblood of the decentralized ecosystem, price feeds provide price, order book, and other information necessary to securely transact digital assets. The development and deployment of efficient, decentralized systems are secondary to the availability of dependable data.

Currently, price feeds are maintained by an individual or group of individuals. This leads to a problem where many price feeds are either not kept updated or are never created in the first place. Flux Protocol will enable Aurora’s emerging decentralized ecosystem to securely tap into reliable sources of data both within and outside their network, resulting in more refined real-world indicators for dApps that smart contract developers can use to maximize product utility.

As one of the first oracles to launch on Aurora, Flux Protocol provides an open standard that enables developers to easily create and maintain high-quality data feeds for cryptocurrencies, synthetics, and wrapped assets. The oracle eliminates the arduous and repetitive task of keeping price feeds alive while also ensuring that the data is secure and tamperproof.

“With our first-party price feed oracle, we want to give people and protocols the tools to quickly and easily post data on-chain,” says Jameson Hodge, core engineer at Flux Protocol. “The simplicity in its design gives rise to high modularity, allowing eventual integration in the broader Flux ecosystem through the aggregation of multiple on-chain sources from independent providers. Aurora offers an inexpensive, fast, and scalable environment to get started providing or using data in EVM-compatible applications”

Flux Protocol is set to go live on Aurora in the first half of December. Documentation for contract deployment and nodes can be found here.

About Flux

Flux allows any smart contract to connect with crowdsourced, API-based, and Price-Feed data. Flux brings this data on-chain using a sophisticated validation and dispute mechanism that relies on economics principles to keep validators honest.

Flux is backed by world-class investors such as Distributed Global, Coinbase Ventures, Reciprocal Ventures, Coinfund, Maven 11, Flow Ventures, among others.

Join Flux’s community:

Telegram: https://t.me/fluxprotocol

Discord: https://discord.com/invite/sJUveAvJHf

Twitter: https://twitter.com/fluxprotocol

About NEAR

NEAR is a high-performance blockchain that is designed to be super-fast, incredibly secure, and infinitely scalable. NEAR’s vision is to create a network that acts as an on-ramp for billions of people to access the next generation of the web.

NEAR is built by an award-winning team of engineers and entrepreneurs to be simple to use, inclusive and good for the environment. NEAR is backed by top VCs such as A16Z, Pantera Capital, Electric Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures.

Join NEAR’s community:

Telegram: https://t.me/cryptonear

Discord: https://discord.com/invite/UY9Xf2k

Twitter: @NEAR_Blockchain & @NEARProtocol