Thor Financial Integrates Chainlink Price Feeds to Help Calculate Node Maintenance Fees
We’re excited to announce that Thor Financial— a next-generation hybrid DeFi-as-a-Service (DaaS) and Node-as-a-Service (NaaS) protocol — has integrated Chainlink Price Feeds on Avalanche mainnet. By integrating the industry-leading decentralized oracle network, Thor Financial has access to high-quality, tamper-proof price feeds that help ensure accurate node maintenance fees. This will provide our users with stronger assurances that the node maintenance fees on our platform are secure and reliable.
Our initial integration involves the use of the following Chainlink Price Feed: AVAX/USD. 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.
Our maintenance fees are denominated in USD for our node holders. Due to the high volatility of the market, relying on maintenance fees in the form of a flat AVAX value would not be beneficial. To combat this, we calculate node maintenance fees in USD, meaning users pay maintenance fees at a US Dollar rate instead of a flat AVAX value. Chainlink Price Feeds provide real-time accurate pricing to our smart contract to support the calculation of these amounts.
In order to help calculate our node maintenance fees, 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 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.
We will continue to use Chainlink services in the future. In addition to Chainlink Data Feeds, Thor Financial is looking forward to future Chainlink integrations with Chainlink Verifiable Random Function (VRF). We plan to use VRF in future NFT projects and our brand new P2E game, Gods of Asgard.
“Security is mission-critical in the DeFi space, and Chainlink Price Feeds are undoubtedly the best solution in the blockchain industry. We chose Chainlink to offer our users stronger security guarantees when it comes to the calculation of node maintenance fees.” — Heimdall, Founder of Thor Financial
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.
About Thor Financial
Thor Financial is a hybrid DeFi-as-a-Service / Nodes-as-a-Service protocol whose aim is to provide passive income through the THOR token, which is built on the Avalanche blockchain.
Thor Financial has established itself as a leader within the node space, having amassed almost 200,000 nodes worth about 4.5 million THOR in the space of two quarters, and actively invested close to $2,000,000 of our treasury. We are presently creating a route to sustainability via an expansive and flourishing ecosystem, including Gods of Asgard (our P2E game), a native NFT marketplace, and more, with the long-term goal of broadening our horizons beyond just passive income.
Being a foundational member of the Union of Transparency, we intend to offer our users a clear, reliable option — and to become the cornerstone of transparency and professionalism in Web3 — thus curating a secure space for users.