Blockchain monitoring service PARSIQ integrates Chainlink price feeds on Binance Smart Chain
PARSIQ a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications has announced it has integrated Chainlink’s price feeds live on Binance Smart Chain (BSC)
The new integration will allow developers to build automated Smart-Triggers on PARSIQ that react to real-time events happening on the BSC mainnet. In this specific case, transactions can be monitored on BSC and then priced using Chainlink-powered decentralized price oracles running natively on BSC.
Having transaction valuations will enable users to create predefined logic on how they want their PARSIQ Smart-Trigger to react to market changes within the BSC ecosystem.
“We’re excited to continue enhancing our PARSIQ Smart-Trigger tools, enabling users to develop more advanced and customized automated workflows off-chain using a variety of blockchains and Chainlink Price Feeds. We hope to keep expanding with Chainlink as we build support for new blockchains in the future.”
– PARSIQ CEO, Tom Tirman
Smart-Triggers is a term coined by PARSIQ, wherein smart contract-like equivalents deployed in the PARSIQ off-chain environment can connect to different blockchains, monitor real-time activity, and use that data to trigger various predefined actions both on-chain and off-chain.
Based on the simplified ParsiQL language, Smart-Triggers are flexible in nature and fully customizable while still being easy to understand and develop. Smart-Triggers can be tailored for any user’s needs, from entry-level to highly advanced backend systems.
With user-defined logic, all information gathered can be filtered, aggregated, and specified to enact deterministic, data-driven events. This simple Smart-Trigger framework cuts time requirements and eliminates unnecessary information transferral.
Chainlink’s blockchain agnostic architecture enables PARSIQ to support advanced Smart-Triggers, known as Use Case Streams, across multiple chains, the latest of which is the Binance Smart Chain. This will allow users to set up triggers in workflows that react to price changes for assets on BSC or gather real-time information on pairs trading on Pancakeswap— the BSC equivalent of Uniswap.
Pancakeswap in particular has seen a huge increase in demand, sometimes even surpassing the daily transaction volume of Uniswap. This demand has continued to grow rapidly thanks to lower fees and faster transaction times on BSC. As such, PARSIQ recognized a need to deploy Smart-Trigger services on the BSC blockchain.
PARSIQ + Binance Smart Chain (BSC)
With Chainlink Price Feeds live and battle-tested on Binance Smart Chain, PARSIQ was able to easily migrate its Use Case Streams over to BSC. Chainlink Price Feeds are widely recognized as the standard decentralized oracle solution in DeFi for obtaining asset valuations.
Chainlink Price Feeds secure billions of dollars in value for leading DeFi projects using a decentralized architecture made up of numerous independent, security reviewed nodes run by leading blockchain DevOps. These nodes source data from a variety of premium data aggregators, ensuring price data reflects a volume-adjusted global aggregate from all trading environments. This not only ensures price accuracy but mitigates downtime and data manipulation attacks caused by flash crashes and flash loans.
Each Use Case Stream consists of more complex Events, representing important and interesting Blockchain Activities. By introducing an Event Stream called ChainlinkPriceFeed on BSC, Smart-Triggers on BSC can now connect to a Stream of the latest round of price updates for all pairs. When the Chainlink oracle network’s reference contract for any pair (e.g., ETH/USD) updates due to a variance in price, then a new Event is placed to the ChainlinkPriceFeed with the completed round’s data.