Sienna and Paralink Network partners to utilize Paralink’s oracles for Sienna Network. Paralink’s oracles will shortly become compatible with Secret Network, thus allowing Sienna to integrate oracles for its privacy-first lending platform, SiennaLend and future trading products.
The upcoming SiennaLend platform which is currently in development, will leverage the real time multi-chain token prices that Paralink delivers through its scalable and low cost platform. Security and accuracy in delivering price feeds are critical, and failure in delivering secure and unmanipulated price feeds can lead to significant losses.
Paralink is a strong solution for oracle implementations as PQL (Paralink Query Language) allows developers to make database lookups, access APIs, scrape websites, and enrich existing data with its own data. It is all done in a permissionless way.
Once Paralink is implemented for Secret Network it will automatically become available for Sienna and will be implemented Sienna’s trading and lending products in the future.
Sienna will also use Paralink for future products. Sienna will also possibly utilize other oracle providers as well for its products.
Dual directional price feeds
The implementation of Paralink to Secret Network will not only provide price data feeds to Secret Network (and therefore Sienna Network). The multi-directional price feeds will make it possible for other DeFi solutions to include SIENNA (and other Secret tokens) price feeds in their solutions.
About Paralink Network
Paralink Network provides a multi-chain oracle platform for DeFi and other blockchain applications. Applications that require the highest level of security can use Paralink’s on-chain consensus algorithm running on Polkadot Substrate. Paralink’s flexible node design allows developers to query real-world events, sports, weather, random numbers and more. Developers can create custom queries using the Paralink Query Language and connect smart contracts to traditional API’s in minutes.
Follow Paralink and their upcoming IDO at Polkastarter.
Sienna is excited to be working with Paralink and looking forward to collaborate on a long term basis 🤝