Torque Integrates Chainlink Data Feeds To Facilitate Stablecoin Mint-Redeem Functionality
How Torque used Chainlink Data Feeds for reliable TUSD mint and redeem pricing. Archived: TUSD was deprecated in December 2024.
December 2024: Torque USD (TUSD) stablecoin has been deprecated. The below post is archived for historical reference but remains available for viewing.
We’re pleased to announce our Chainlink Data Feeds integration, powered by the leading decentralized oracle network. This collaboration marks a significant milestone on our mission to streamline saving onchain.
With Chainlink’s industry-leading data feeds, Torque will now offer more accurate and tamper-proof data for our mint–redeem functionality of Torque USD (TUSD). The integration ensures that the price of TUSD is always pegged to $1.00, maintaining stability and trust for our users.
By leveraging Chainlink’s decentralized oracle network, we mitigate risks associated with data manipulation and single points of failure, thus enhancing the robustness of the Torque Protocol.
Key benefits
- Increased accuracy: Chainlink’s data feeds provide real-time data that ensures Torque USD (TUSD) remains pegged to $1.00 with precision.
- Enhanced security: Utilizing a decentralized network of oracles, we reduce the risk of malicious attacks to safeguard our users’ assets.
- Improved transparency: With Chainlink’s data sources, users can verify the integrity of price feeds, reinforcing trust in the Torque ecosystem.
- Seamless functionality: The integration streamlines the minting and redemption process for TUSD, offering a seamless experience.
Laying a foundation
Interested borrowers and liquidity providers alike may acquire Torque USD (TUSD) using WBTC or WETH collateral at the flagship Torque Interface or mint it with USDC directly at one of our alternative interfaces.
By integrating Chainlink’s technology, Torque is not only reinforcing the stability of its Torque USD stablecoin but also laying a foundation for future integrations. We’re excited about the possibilities this partnership brings and look forward to delivering more value to our users. Stay tuned for more updates as we continue to build and enhance the Torque ecosystem.
About Chainlink
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 secures tens of billions of dollars across DeFi, insurance, and other major industries, and offers enterprises and data providers a universal gateway to all blockchains.
About Torque
Torque is an automation protocol to streamline saving while minimizing risk through dynamic routing. It unifies the finest, non-custodial yield and loan opportunities found on the blockchain to satisfy the key components of wealth generation while reducing friction, increasing transparency, and guaranteeing self-custody. Global savers, liquidity providers, and app developers utilize Torque to accelerate smart contract interaction.
