SnowSwap taps into Chainlink’s highly secure and fault-tolerant oracles to advance its yVault, ETH2, and other yield-bearing token swap services.
We’re excited to announce that SnowSwap has integrated the Chainlink Fast Gas Oracle on mainnet into all of our new rewards distribution geysers. The integration allows stakers to deposit and withdraw using Chainlink’s decentralized fast gas price oracle as a reference to ensure they are properly accounting for current Ethereum network fees when moving between yield generation strategies on SnowSwap.
SnowSwap is a decentralized exchange that employs farming rewards to generate yield for liquidity providers. Users can swap stablecoin tokens to get the best LP yield across many decentralized liquidity pools and staking contracts including Yearn, Harvest, Curve, ETH2, WETH, and more. Additionally, SnowSwap LPs can swap LP tokens to build a variety of yield farming strategies from across DeFi.
Users who deposit and stake funds and LP tokens provide deeper utility to SnowSwap’s DEX capabilities but do so with the expectation of a beneficial and competitive return on investment to protect against impermanent loss. Since our smart contracts require ETH gas to deposit, stake, and withdraw, users require accurate and up-to-date data on gas prices to understand the true costs of participation and make informed decisions.
We chose to integrate Chainlink because of its proven ability to provide secure and reliable price oracles to DeFi, collectively protecting over $10 Billion in value across for leading projects like Aave and Synthetix,. It’s Fast Gas Price Feeds is decentralized oracle network run by numerous independent, secure node operators who source data from multiple high-quality sources. This ensures highly available, accurate, and tamper-resistant data feeds that SnowSwap can consume.
Chainlink Integration — Technical Details
We are using the Chainlink Fast Gas endpoint to more accurately calculate gas costs for users staking or withdrawing from our SNOW token geysers. So far, we’ve integrated the Chainlink Fast Gas oracle inside all our new rewards distribution geysers.
For example, line 513 on this factory contains the code used in the rewards distribution geyser. In the internal transactions of that geyser factory, you can see the actual SNOW rewards geyser being created. These geysers are slated to run for 39 weeks in total. Example code we are using on the contracts:
IChainLinkFeed public constant FASTGAS = IChainLinkFeed(0x169E633A2D1E6c10dD91238Ba11c4A708dfEF37C); function getFastGas() external view returns (uint) { return uint(FASTGAS.latestAnswer()); }
All new geysers have this getFastGas view.
“We’re excited to integrate the Chainlink Fast Gas oracle into SnowSwap so users have an always available and tamperproof reference point for current gas costs on Ethereum when considering a variety of LP strategies. Additionally, we look forward to integrating Chainlink Price Feed oracles for cryptocurrencies in the future, ultimately allowing users to automate asset movements between various DeFi protocols based on changing market conditions.” -SnowSwap Team
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter and follow @chainlink on Twitter.
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SnowSwap, allows users to easily enter and exit yVaults and other yield bearing tokens for only the cost of a swap fee. SnowSwap currently has 3 pools: yVault USD (yDAI, yUSDC, yUSDT, yTUSD), yVault Curve (yUSD, ybCRV), and btcSNOW (YcrvRenWSBTC, FcrvRenWBTC). Increasing liquidity for yield-bearing stable assets makes it easier for users to speculate on their yield or performance.
