Ethereum: Using Chainlink Oracle to compare prices with Uniswap

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Ethereum Price Comparison: Using Chainlink Oracle with Uniswap

As a cryptocurrency investor, keeping an eye on market prices is essential to making informed decisions. One popular method for getting up-to-date prices for cryptocurrencies like Ethereum is to use a combination of data sources, including Chainlink and Uniswap oracles. However, when it comes time to compare the price deviation from Chainlink’s price to the price obtained through traditional methods, such as retrieving reserves from the TokenReserves API, some discrepancies can arise.

In this article, we’ll show you how to use Chainlink Oracle with Uniswap to compare Ethereum prices, and specifically the WETH (Wheat) token.

Prerequisites

Node.js installed on your computer

Chainlink API Key and Secret

Step 1: Set Up Chainlink Oracle

To fetch Chainlink oracle data, such as the current Ethereum price using Uniswap, you first need to set up a Chainlink oracle for your token. Here’s how:

Install Chainlink SDK Packages

First, install the necessary Chainlink SDK packages.

npm install @chainlink/sdk

Then create a new file called chainlink.js and add the following code:


const ChainLink = require('@chainlink/sdk');
const LINK_ID = '0x...'; // Your Chainlink oracle ID
const API_KEY = 'your-chainlink-api-key';
const SECRET = 'your-chain-secret';
const chainlink = new ChainLink({
id: LINK_ID,
apiKey: API_key,
secret: SECRET,
});
// Get the current Ethereum price using the Chainlink API
asynchronous function getPrice() {
const response = await chainlink.getAssetPrice('ethusd');
return response.price;
}
module.exports = { getPrice };

Step 2: Integrate Uniswap

To use Uniswap with the Chainlink oracle, you need to get reserves from the TokenReserves API.

First install the token-reserves package:

npm install token-reserves

Then create a new file called uniswap.js and add the following code:


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

Now that you have implemented both Chainlink and Uniswap APIs, you can compare prices obtained by each method.

First, integrate Chainlink Oracle with Uniswap:


const chainlinkPrice = await getPrice(); // get the current Ethereum price 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:


const { chainlinkPrice } = await getPrice(); // get current Ethereum price using Chainlink
const uniswapPrice = await uniswapPrice(); // get reserves from TokenReserves API
if (chain price !== uniswap price) {
console.log(Chainlink Oracle vs Uniswap: ${chainlinkPrice} vs ${uniswapPrice});
}

In this example, we compare current Ethereum price obtained using Chainlink oracle and reserves obtained from TokenReserves API. The if statement checks if two prices are not equal; if they are the same, it logs a message stating that both methods gave the same price.

Conclusion

Comparing prices from different sources such as Chainlink Oracles and Uniswap can provide valuable information on market trends and help traders make more informed decisions.

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Ethereum: Using Chainlink Oracle to compare prices with Uniswap