For a beginning, they are going to use Chainlink Price Feeds for accessing decentralized exchange rates on cryptocurrency price pairs. Further, this information is used to determine the borrowing limit that users can afford and also to check the Collateralization of outstanding loans.
Stating the reasons for this move, YouHodler explains that Chainlink Price feeds already have extensive market coverage, low latency updates, and a transparent infrastructure such that the YouHodler platform can easily provide users with authentic and latest market rates. With this, YouHodler is moving closer to its vision of a hybrid CeDeFi platform that offers greater transparency than traditional FinTech ones.
In today’s low-yield, high inflation investment environment, YouHodler is helping those investors who are seeking a relatively secure investment option yet with higher yields. You Hodler crypto savings accounts, secure transactions between fiat to crypto and crypto-to-crypto, crypto-backed lending fiat are all YouHodler initiatives, keeping the future investor in mind. Over 30 cryptocurrencies and tokens are accepted as collateral for crypto-backed lending by YouHodler.This list includes BTC, ETH, UNI, COMP, LTC, XLM, SNX, SUSHI, HT, REP, and more such currencies.
The following features, as seen in Chainlink, have prompted Youhoder to opt for this solution for its platform.
- Data that is of high quality and from several aggregators, which leads to higher accuracy in rates.
- Frequent price updates, reflecting real-time market conditions.
- The Chainlink Price feeds use decentralized networks that are run by an experienced DevOps team managing the market volatility very well.
- A robust monitoring mechanism is in place to verify real-time price feeds.
Chainlink
The Oracle network for hybrid smart contracts provides developers with high-quality data sources and secure chain computations to expand the capabilities of the blockchain being utilized. It is widely patronized by the DeFi insurance industry, gaming industry, and a few more.
YouHodler
This FinTech platform helps users access the benefits of the crypto economy. It enables users to get cash and cryptocurrency loans, exchange currencies, fiat, and stablecoins, and also earn a compounding interest of 12% APR by depositing crypto in their accounts.
This is an EU and Swiss brand based out of Cyprus and Switzerland.
