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Comparing Ethereum Prices: Using Chainlink Oracle With Uniswap
As a cryptocurrency investor, tracking market prices is crucial to make informed decisions. One popular method of cryptocurrencies like Ethereum is by using a combination of data sources, including chainlink oracles and uniswap. However
In this article, specifically for the Token Weth (wheat).
Prerequisites
- Node.js Installed on Your Machine
- Chainlink API Key and Secret
Step 1: Setup Chainlink Oracle
Ethereum using uniswap, you need to first set up a chainlink oracle for your token. Here’s How:
install chainlink sdks
First, install the Necessary Chainlink Sdks.
`bash
NPM Install @Chainlink/SDK
`
Then, create a new file named chainlink.js and add the following code:
`JavaScript
Const Chainlink = Require (‘@Chainlink/SDK’);
Const link_id = ‘0x …’; // Your Chainlink Oracle ID
Const api_key = ‘your-chainlink-api-key’;
Const Secret = ‘Your-Chainlink-Secret’;
Const Chainlink = New Chainlink ({
ID: Link_id,
Apikey: API_KEY,
Secret: Secret,
});
// Fetch the current price of Ethereum using the chainlink API
Async Function GetPrice () {
Const response = Await chainlink.getsSetprice (‘ethusd’);
Return Response.price;
}
module.exports = {GetPrice};
`
Step 2: Integrate Uniswap
To use uniswap with your chainlink oracle, you’ll need to fetch the reserves from Tokenreserves api.
Firstly, install the Token-Reserves Package:
`bash
NPM Install Token-Reserves
`
Then, create a new file named uniswap.js and add the following code:
`JavaScript
Const tokenreserves = Require (‘Token-Reserves’);
Async Function Getreserves () {
Const tokenreservesapiurl = ‘
Const response = Await tokenreserves.getreserves (tokenreservesapiurl);
Return Response;
}
module.exports = {Getreserves};
`
Step 3: Compare Prices Using Chainlink Oracle With Uniswap
API, you can compare the prices obtained from each method.
FIRSTLY, INTEGRATE CHAINLINK ORACLE WITH UNISWAP:
`JavaScript
Const ChainlinkPrice = Await GetPrice (); // Fetch Current Price of Ethereum Using Chainlink
Const uniswapprice = async () => {
Const tokenreservesapiurl = ‘
Const response = Await tokenreserves.getreserves (tokenreservesapiurl);
Return Response.price;
};
module.exports = {ChainlinkPrice, uniswapprice};
`
Then, use Chainlink Oracle with Uniswap to Compare Prices:
`JavaScript
Const {ChainlinkPrice} = Await GetPrice (); // Fetch Current Price of Ethereum Using Chainlink
synst uniswapprice = await uniswapprice (); // Fetch Reserves from Tokenreserves API
if (chainlinkprice! == uniswapprice) {
Console.log (Chainlink Oracle vs Uniswap: $ {ChainlinkPrice} vs $ {Uniswapprice});
}
`
Chainlink Oracle and the Reserves Fetched from Tokenreserves API. The If statement checks if the two prices are not equal; In case they’re the same, it logs a message indicating that both methods yielded the same price.
Conclusion
Comparing prices from different sources like chainlink oracles and uniswap can provide valuable insights into market trends and help investors make more informed decisions.