Vesper integrates Chainlink to determine the fiat-denominated value of Total Value Locked

By Pavithra R

Vesper, dedicated to creating and supporting the conditions for DeFi’s expansion and success has announced teaming up with Chainlink, a decentralized oracle network provider, to build a better means for establishing the U.S. dollar price of the total value locked (TVL) within the Vesper platform.

Every DeFi platform’s calculation of TVL (similar to “assets under management” or AUM in conventional finance) is unique to that platform. Often, this takes the form of retrieving price data from a single source or very few and may result in a less-accurate representation of a digital asset’s price at a particular point in time.

“On behalf of the Vesper community, we are proud to work with technology innovators and leaders such as Chainlink. We intend to explore more comprehensive relationships with the Chainlink community at-large, which not only includes this work on a TVL oracle but our new Vesper Grow pool for the LINK token,” said Jordan Kruger, co-founder of Vesper.

By partnering with Chainlink, Vesper seeks to deliver an accurate possible view of the total U.S.-dollar-denominated value of assets in its platform. The firm will leverage Chainlink’s time-tested decentralized oracle networks to integrate reliable data from multiple sources that exist outside of a cryptocurrency network.

“We look forward to supporting the creation of Vesper DeFi products by providing secure and reliable decentralized price oracles that will enable even more advanced DeFi smart contracts. By having premium data quality and robust oracle infrastructure, Vesper Pools can both properly calculate TVL and go on to create even more advanced capabilities,” said Sergey Nazarov, co-founder of Chainlink.