MRHB Integrates Chainlink Price Feeds To Help Ensure Accurate Gold and Silver Pricing on TijarX
To help ensure our MRHB (pronounced ‘marhaba’) community gets access to fair gold prices globally, we’re excited to announce that TijarX — one of the first halal decentralized exchanges (DEXs) for tokenized commodities — has integrated Chainlink Price Feeds on Ethereum mainnet to access precise, reliable, and decentralized gold and silver price data.
By integrating the industry-leading decentralized oracle network, TijarX has access to high-quality, tamper-proof global market price feeds needed to help determine the price of Gold Spot Token (XAU) and Silver Spot Token (XAG). This helps ensure that our tokenized gold and silver tokens sold on TijarX are priced in line with global precious metals commodities markets (which were estimated to be around $240 billion in 2021).
The MRHB integration involves the use of the following Chainlink Price Feeds:
XAU/USD and XAG/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.
The blockchain-powered TijarX exchange uses smart contracts to bring tokenized physical commodities on-chain. Commodities such as precious metals are inherently difficult to store and transport, and tokenization makes them available to our Web3 and DeFi communities at smaller investment sizes, making them seamlessly tradable.
TijarX is accessed through Sahal Wallet, a self-custodial mobile crypto wallet that acts as a portal to the entire ecosystem of MRHB DeFi products. Every token and product in the MRHB ecosystem undergoes a strict vetting procedure to ensure it is ethical and halal, making TijarX and other MRHB offerings safe to use by over a billion Muslims and other ethics-conscious people around the world.
The DEX’s first commodity offerings will be tokenized gold and silver by Gold & Silver Standard (GSS), a subsidiary of one of Australia’s leading bullion dealers, Ainslie Bullion Group. Each Silver Standard (AGS) and Gold Standard (AUS) token is fully backed by physical bullion stored in Ainslie’s vaults.
To help ensure the MRHB community gets the best prices, we needed to make use of the industry-leading Chainlink oracle network to fetch aggregated price data off-chain and deliver it on-chain to the TijarX app.
After reviewing various oracle solutions, we selected and 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.
“Chainlink is the most reliable oracle network in the Web3 space with a proven track record, and we are proud to integrate their services into our products,” said MRHB DeFi CTO Deniz Dalkilic. “By using Chainlink Price Feeds, we can offer a wider range of tokenized products to our customers. The world of personal finance on MHRB just got a whole lot bigger.”
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
MRHB means ‘welcome’ and is one of the world’s first Web3 platforms that empowers the community with an ethical and halal approach to decentralized finance. By following values-based financial and business principles, we are creating a trusted ecosystem where both experts and novices can safely and easily access the full power of DeFi.
Our diverse team comprises researchers, technocrats, influencers, Islamic fintech experts, business entrepreneurs, and industry professionals, who have all come together to ensure that MRHB fulfills its impact mission to benefit society as a whole with DeFi, by bridging the gap between faith-conscious communities and the blockchain world.
MRHB DeFi Official Channels
Website | Twitter | Telegram Chat | Telegram Announcements | Medium | Documents | Facebook | LinkedIn | Telegram Arabic Community | Russian Community | Turkish Community |Persian Community | Urdu/Hindi Community