- Whitehole Finance partners with Chainlink to maximize its security and reliability.
- Chainlink’s native token LINK currently looks bullish.
Multi-asset lending protocol Whitehole Finance announces that it is joining the Chainlink (LINK) BUILD program to accelerate adoption.
🏗️ #ChainlinkBUILD 🏗️@WhiteholeFi is joining Chainlink BUILD to propel the adoption of its multi-asset lending platform.
In return, the project will make 5% of its native token supply available to Chainlink service providers, including stakers: https://t.co/hSGEkqZ3KR… pic.twitter.com/yXUNEVO8h7
— Chainlink (@chainlink) May 17, 2023
According to the Press Release , Whitehole Finance would in exchange for this partnership provide network fees and other benefits to the LINK community and service providers.
We’re excited to announce that Whitehole Finance is officially joining the Chainlink BUILD program. As a part of BUILD, we aim to accelerate the growth of our ecosystem and the long-term adoption of NFT and cryptocurrency lending supported by enhanced access to Chainlink’s industry-leading oracle services, additional technical support, and better incentivized crypto-economic security.
The company has a long history with Chainlink as it has been an active participant in its ecosystem. Whitehole Finance even uses Chainlink Price Feeds on the Arbitrum mainnet. As part of the reasons for this partnership, the multi-asset lending protocol seeks to make the most out of what Chainlink’s Oracle infrastructure provides by maximizing its security and reliability.
In addition, it will get access to and integrate Chainlink’s “secure, reliable, and decentralized market and data feeds and hyper-reliable automation.” More interestingly, it will get access to the new product alpha and beta releases.
Chainlink service providers, on the other hand, would obtain 5 percent of Whitehole Finance’s native token supply including stakers to enable both parties to economically support each other.
More on the Chainlink and the Whitehole Finance partnership
Whitehole Finance also seeks to leverage the vibrant Chainlink community to accelerate the adoption of its multi-asset lending platform on Arbitrum.
Ray Park, CEO of Whitehole Finance commented on this:
We’re excited to join Chainlink BUILD to gain increased access to industry-standard oracle services and enhanced technical support while benefiting from a robust crypto-economic model that empowers us to build our multi-asset lending platform with greater security assurances. We look forward to continuing our collaboration with Chainlink and welcome the passionate Chainlink community into the Whitehole Finance ecosystem.
Over the years, Whitehole Finance has made efforts to ensure that the utility of on-chain assets is expanded and to enable users to receive rewards by depositing cryptos and NFTs to their lending platform. The team has ensured that the process is seamless for all users including newbies with its UI/UX. In addition, the platform makes it possible for NFTs to be rented across the Web3 space.
Chainlink is a heavyweight project in the crypto space as it has enabled trillions of dollars in transaction volume across various spaces including gaming, NFTs, DeFi, insurance, etc. It also enables developers to build Web3 applications with its real-world data and off-chain computation on any blockchain.
LINK is currently bullish among market participants as demand drives the price up by three percent in the last seven days to trade at $6.7. In the last 24 hours, the asset has surged by two percent and is still showing signs of mini-rally. Its 24-hour trading volume is also encouraging, currently standing at $152,857,543. According to analysts, Link currently has a support level of $6.31 and a resistance level of $7.11.
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