Cobo Argus Boosts DeFi Strategies Security via Chainlink Price Feeds Integration

blockchain.news:

On October 12, 2023, Cobo Argus, a fortified on-chain DeFi management solution, announced its integration with Chainlink Price Feeds on the Arbitrum mainnet, bolstering the security and efficiency of its automated DeFi strategies. This integration stems from Cobo Argus's collaboration with Chainlink, the leading decentralized oracle network, to access accurate, tamper-resistant price data, crucial for enabling users to mitigate potential losses through timely fund withdrawals if a token loses its peg.

The initial phase of the integration has incorporated key price pairs including DAI/USD, FRAX/USD, USDC/USD, USDT/USD, and WBTC/BTC. Chainlink was chosen for its seamless integration features and a proven track record, having facilitated over $8.5 trillion in transactions within the on-chain finance ecosystem, showcasing robust security and reliable uptime, even amidst market volatility.

Headquartered in Singapore, Cobo stands as a prominent digital asset custody solutions provider on a global scale, boasting over 500 institutional clientele worldwide. Cobo Argus, birthed from DeFi expertise within Cobo, operates as a smart contract-based on-chain DeFi management tool offering an array of features like on-chain RBACs, granular risk management, and advanced DeFi bots, designed to ease team role delegation and DeFi investment processes.

In its quest for innovative DeFi risk management, Cobo Argus has introduced a Withdrawal Bot for the GMX platform, catering to quant teams with a focus on arbitrage strategies. This necessitates access to highly dependable, real-time price data of various tokens, provided on-chain. The bot springs into action to execute token swaps or predefined on-chain operations once a depeg occurs,