Paralink Network is thrilled to announce its partnership with Xend Finance, a global DeFi platform for credit unions and cooperatives. This partnership will drive increased utility and bring mainstream adoption to the DeFi space. This partnership with Xend Finance will unleash the potential of DeFi by reinforcing the importance of accurate data in the ever-changing DeFi landscape.
Xend Finance is Africa’s first project that allows users to earn high APYs and compound interest on their savings. It aims to help individuals, credit unions, and cooperatives worldwide earn higher interest in their savings in stable currencies. It enables users to save while staking.
Multi-chain Oracle Solution to drive increased security and reliability
Data remains an important aspect of the modern financial space. Fetching reliable and real-time data feeds is significant for DeFi applications to achieve an extra edge over competitors. Furthermore, accurate data feeds limit data corruption which might cause substantial loss to the end-users.
Paralink envisions a DeFi world without any data corruption by leveraging its multi-chain oracle solutions to revolutionize the DeFi space. It aims to solve the data issue at large by injecting its multi-chain oracle solutions to collect, interpolate and validate data to drive accuracy.
Under the purview of this partnership, Paralink will integrate its multi-chain oracles into Xend Finance, making the protocol more secure and efficient. This will allow Xend Finance’s platform to explore more unique DeFi avenues. This joint move will benefit both the platform users with real-time data feeds that are secured and reliable and with greater yields on their savings.
However, Paralink Network brings a solution to such problems with its accurate, decentralized, and reliable data feeds. It also allows users to benefit from its on-chain consensus algorithm, running on Polkadot Substrate that provides the highest security applications.
“Data remains an indispensable aspect of the DeFi space. This partnership will allow Xend Finance users to gain access to our robust data infrastructure and benefit from it with reliable and accurate price feeds.”
- Jan Knežević, CEO of Paralink Network
“We are thrilled to announce our new partnership with Paralink Network. This development will allow Xend Finance the opportunity to access Paralink's multichain oracles for high-quality data feeds and explore more ways to enhance our DeFi platform further.”
-Ugo Aronu, CEO of Xend Finance
About Xend Finance
Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and the home country currency. Members can earn multiple levels of interests on their savings by seamlessly exchanging their crypto or fiat currency to stable cryptocurrencies and staking — the process of locking up crypto assets to earn yields — on lending platforms so members can earn compound interest on their money. The Xend Finance platform is the first decentralized finance (DeFi) credit union in the world.
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About Paralink Network
Paralink Network offers a multichain oracle platform for DeFi and other blockchain applications. Applications that require the highest degree of security can use Paralink's on-chain consensus algorithm, running on Polkadot Substrate. Paralink's flexible node design allows developers to query for real-world events, sports, weather, random numbers and more. Developers can create custom queries using Paralink Query Language and connect smart contracts with traditional APIs within minutes.
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