Chainlink

Chainlink Overview

Chainlink Data Feeds provide data that is aggregated from many data sources by a decentralized set of independent node operators. The Decentralized Data Model describes this in detail.

Meridian uses Chainlink's following price feeds on the Base Network:

Pair	Price Deviation	ID
ETH/USD	0.15%	0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419

Chainlink Design: Data Sourcing

Chainlink's architecture allows for the secure and decentralized gathering of off-chain data, which is then delivered on-chain for use by smart contracts. The Chainlink network is composed of three main components:

1. Data Providers: Chainlink aggregates data from multiple independent data providers to ensure accuracy and reliability. Each data provider pulls data from various sources, such as exchanges and market makers, and submits this data to Chainlink's network.

2. Chainlink Nodes: Chainlink nodes retrieve data from these data providers and deliver it on-chain. These nodes are operated by independent node operators, which enhances the network's decentralization and resilience.

3. Smart Contracts: Applications like Meridian access Chainlink's data feeds via smart contracts. These contracts can query Chainlink oracles to obtain real-time price information that is used to execute logic within the application. The data is made available on-chain and can be used by any application on the network.

For an in-depth explanation of the pricing mechanisms and security models, consult Chainlink's Technical Documentation.