Zecrey Integrates Chainlink Price Feeds to Help Secure Prices on its ZK-Rollup L2 Privacy Protocol
We’re excited to announce that Zecrey — a zk-rollup-based layer 2 privacy protocol featuring a generalized cross-chain bridge, high-security cross-chain swaps, and high-efficiency privacy aspects — has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, Zecrey has access to high-quality, tamper-proof price feeds that support the following functionalities:
- Calculating total asset value in Zecrey Extension Wallet
- Helping secure prices for Zecrey L2 Private AMM DEX Swap
- Calculating the APR when users lock assets in Zecrey Contracts
This will provide our users with stronger assurances that when they deposit assets into our Layer 2 system and exchange assets via Zecrey AMM DEX, they have reliable market data that is highly secure and battle-tested against price manipulation or anomalies.
To start, we have integrated the following Chainlink Price Feeds:
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.
Zecrey is an L2 privacy protocol based on zkRollup that brings cross-chain privacy to the multi-chain ecosystem, solving the two major problems of privacy and isolation in the blockchain space today. Zecrey’s privacy cross-chain solution has two core functionalities: a privacy-focused, cross-chain bridge and asset swap.To support these functionalities, Zecrey has an all-in-one wallet that helps users to seamlessly manage their assets on multiple blockchains and aggregate assets in L2.
Additionally, Zecrey protocol encourages users to lock assets on Zecrey L1 contracts to balance the situation when some asset liquidity pool on some L1 is insufficient for users to withdraw. This is because in the Zecrey system, the cross-chain bridge requires deposits from L1s to L2s to use Zecrey, and vice versa when withdrawing. To help ensure there is always sufficient liquidity, Zecrey provides its native token REY as incentives to lock assets in the L1 pool.
In order to help secure total asset and APR calculations, as well as prices on the L2 AMM DEX, 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 network 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 from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- 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 with a strong track record for reliability, even during high gas prices and extreme network congestion.
- 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 the oracle network.
- Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
As a multi-chain protocol, Zecrey aims to prioritize expansion to EVM-compatible chains, and eventually to non-EVM chains as well. Intrinsically blockchain-agnostic, Chainlink gives access to asset prices across these blockchains. This makes it simple to expand our multi-chain scope with easily integratable price feeds wherever we expand.
In the future, we expect to make NFTs an integral part of the Zecrey system, and are looking to further integrate Chainlink services, such as Chainlink VRF and Chainlink Keepers, to give our users the most user-friendly L2 experience possible.
“Chainlink Price Feeds are the standard for reliable and decentralized price data. By leveraging Chainlink to access off-chain price data, we’re able to elevate our cross-chain services by giving users high assurances that products needing price data will always field the most up-to-date, tamper-proof data possible. It’s a truly future-proof solution.” — Sher, Co-founder of Zecrey.
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.
Zecrey is a ZK-rollup-based Layer 2 privacy protocol. Our purpose is to bring cross-chain privacy to digital assets. There are several keywords to describe its features: ZK-rollup, privacy, Layer 2 cross-chain bridge, and cross-chain swap.
Zecrey is an all-in-one plug-in wallet. Zecrey wallet can support multi-chain networks and manage assets with privacy in one wallet. For example, Zecrey wallet can connect to different blockchain networks. If users want to manage the same asset on different blockchains, they can be listed all together with respective network tags in Zecrey wallet. For privacy, Zecrey provides one-click privacy protection service for assets and transactions by switching to Layer 2 with one simple click. And Zecrey Layer 2 also brings a cross-chain swap, which helps users manage multi-chain assets more efficiently.