Case Study – Geist x Fantom x Chainlink
Across the Fantom network, Chainlink Price Feeds connect DeFi dApps to the accurate and manipulation resistant asset price data that investors and protocols use to make financial decisions. From simple decentralized AMM token swaps to smart contracts designed to maintain stablecoin pegs, Price Feeds play a critical role ensuring consistency across DeFi. Where billions of dollars are at stake, secure and trustworthy price services are imperative.
In this case study, we ask the DeFi protocol Geist how they use Chainlink to support the largest native-Fantom money market in our ecosystem.
1. What sets Geist apart as a platform?
As a team, we’re fully committed to contributing to open and accessible protocols that are resistant to centralization risks like shutdowns.
As more and more large protocols embrace institutions and forms of centralization, we would still like to be that beacon of a true decentralized, open, and accessible protocol without whitelists, KYC, or CeDeFi practices.
Alongside our commitment to decentralization is that of security. As one of the largest protocols on Fantom, we set out to create the most secure money market – one that focuses on selecting only the strongest, most secure collaterals with enduring and transparent market histories.
2. Why did you choose to build on Fantom?
We’ve been a fan of the Fantom Foundation’s focus on both DeFi and providing bedrock infrastructure, with their development of the Fantom Virtual Machine as an example. But the Fantom developer community was one of the major factors for us to build on Fantom. Simply, there is a great group of talented individuals building over here.
3. What are the team members’ backgrounds?
The core team has a background developing on ETH since 2016. In 2020, we started focusing on building in the DeFi industry and left our previous jobs to commit fully to contributing to open and access protocols.
4. How do Chainlink Price Feeds fit into the picture for Geist?
To secure our protocol, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner.
Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to engage an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
5. Why did you choose to build with Chainlink?
It’s critical for the Geist platform to have a reliable oracle solution to help ensure that our users receive fair-market loans and lenders remain solvent during periods of high market volatility.
Importantly, Chainlink provides battle-tested decentralized infrastructure resistant to single points of failure, furthering the security and reliability of lending/borrowing markets available to DeFi users throughout the Fantom ecosystem.
6. What key results have already been achieved?
Ever since we launched, now a little over a year ago, we’ve established ourselves as the largest money market on Fantom and the second biggest protocol by TVL.
New assets have been added as collateral to Geist, allowing us to attract and capture a larger user base, increasing platform utility and revenue.
Since our inception, we’re also proud that we have generated over $46m in fees, which are all shared and distributed to our community.
To ensure healthy ongoing liquidity for GEIST, a new feature called PODL (Protocol Owned DEX Liquidity) has been implemented. This allows the protocol to buy LP tokens using 50% of Geist’s FTM treasury rewards and to lock them in perpetuity.
7. What was your experience like working with Chainlink and Fantom?
We’ve been working closely with the Fantom Foundation and Chainlink, and our experience can only be described as extraordinary. We’re glad to be building within an ecosystem that gathers some of the most interesting developers from our industry.
We’ve collaborated on various technical, operational, and marketing topics in this competitive environment.
It’s not a coincidence that we are using Chainlink price feeds among other competitors, and we’ve been pretty happy with the collaboration.
8. What are your long-term objectives for Geist? How does it fit into the future of Web3?
As a protocol, our main objective is to keep providing a truly decentralized, open, and accessible protocol for anyone to use. Given our current position as the leading money market on Fantom, we would like to retain this position as we continue to grow, improve our market size and attract more TVL for Geist and Fantom.
The team is still active on the project. You’re the first to know about this, but we are working on a new version of Geist. I can’t say much about it now, but we will communicate as we go, and you won’t be disappointed
– Interview responses prepared by Oliver, Head of Operations at Geist.
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