VuFi Integrates Chainlink Price Feeds to Help Regulate Price Elasticity for VuFi Stable Coin.

We’re excited to announce that VuFi — issuer of the asset-backed cryptocurrency VuFi stable coin — has integrated Chainlink Price Feeds as part of an innovative price tracking mechanism. By integrating the industry-leading decentralized oracle network, VuFi has access to high-quality, tamper-proof price feeds needed to provide price elasticity for the VuFi coin. This will provide our users with stronger assurances that VuFi will remain stable and elastic during price movements by having a price metric to rebase against.

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.

It is important for us to have access to constant, reliable price data. When VuFi prices are moving in relation to the US Dollar, there are a lot of things to consider. For instance, if its market price does not perfectly reflect the Consumer Price Index of the inflation of the US Dollar, it must reconcile to reach a state of equilibrium. This is achieved through programmatic expansion / contraction of the total VuFi supply, made possible through an elastic supply protocol. These supply expansions or contractions are called rebases.

At the highest level, a rebasing protocol exists to do one thing: correlate a synthetic asset’s price perfectly with the price of its underlying asset. This is achieved by adjusting the synthetic asset’s supply until its market price reaches its target price (the price at which the synthetic asset is at equilibrium with its underlying asset).

In order to help secure our USD price feeds, 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 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:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.

Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

The VuFi stable coin is different from other stable coins such as USDT and USDC. Those coins are centralized and operated by individuals or organizations. VuFi follows Bitcoin’s governance model where the development team remains anonymous to remain free from regulatory pressures and promote fair play.

Thus, the protocol is designed to be token-governed. It is entirely controlled by the token holders who have voting rights. There is absolutely nothing that can happen on this platform without a vote, be it changes to the smart contract or fund allocations. In addition to its completely decentralized structure, there are a few other protocol-specific traits that make the VuFi stable coin unique.

VuFi builds on the DNA of cryptocurrencies and their underlying blockchain technology. This innovation-driven project is backed by a strong technical infrastructure, which delivers key improvements, and a proven development strategy that creates real intrinsic value.

“We are really excited to be moving forward with Chainlink to get Price Feeds from a time-tested protocol that already helps secure billions in value across DeFi protocols. This integration brings security and transparency to the entire VuFi platform.” –<VuFi Developers>

About Chainlink

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.

Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About VuFi

VuFi is an algorithmic elastic supply stable coin that aims to introduce more stability in cryptocurrency markets for the average user. This innovative collateral-backed stable coin uses the dollar inflation rate as the target price, which enables traders to hedge their overall portfolio against the wild swings in the global economy.

As the dollar is susceptible to inflation, it reduces the value of every asset during economic slowdowns. This could be stocks, bullion, real estate, futures and commodities, which are all valued in dollars. However, if a trader invests a part of the portfolio into VuFi, he can benefit from the expansion and contraction even when the inflation rates fluctuate. Additionally, the VuFi stable coin can also be used as a store of value when there are major market swings.

We have designed VuFi to serve as a safe haven in a time of great economic turmoil.

Please visit VuFi.Finance to discover more about VuFi. Read the whitepaper to get a comprehensive understanding of VuFi’s protocol. Please contact us if you are interested in becoming a partner.