TL;DR

Aleno developed for Chainlink a production-grade system for real-time DEX-based pricing and liquidity metrics. The system includes two synchronized data pipelines, providing pool-level state prices and market depth metrics per block, and aggregated price feeds across multiple chains and DEXs. This architecture ensures accurate, manipulation-resistant pricing for assets like LSTs and algorithmic stablecoins.

Pricing for Deep-Liquid, Low-Volume Assets

As DeFi matures, the need for accurate, manipulation-resistant data becomes increasingly critical — especially for assets that don’t follow the traditional high-volume trading patterns. Chainlink has long been the standard bearer for decentralized pricing infrastructure, but with the emergence of novel asset classes like liquid staking tokens (LSTs), even the most robust systems must adapt.

That’s where Aleno came in.

The Challenge: Pricing Assets with Low Volume but Deep Liquidity

Many of today’s new DeFi assets — like wstETH, crvUSD, or agEUR — are heavily used but not always heavily traded. Their liquidity sits deep within decentralized exchanges (DEXs), not on centralized order books. That makes them hard to price using conventional methodologies that focus on trade activity.

Chainlink approached us with a clear challenge: build a pricing and liquidity framework that would let their decentralized oracle network (DON) support these assets with the same level of trust and accuracy they provide for the top-tier tokens.

The key problem? These assets are often manipulable using trade-based pricing. We needed a model that could read DEX liquidity structures without relying on volume alone.

Our Solution: State Price Feeds with Multivariate Liquidity Metrics

We designed and deployed a dual-data pipeline built on live, per-block state extraction across major DEXs. The architecture produces two complementary datasets:

1. Pool-Level Snapshots (for internal validation)

2. Aggregated Cross-Chain Metrics (for decentralized oracle consumption)

Each block, we compute a "state price" — a snapshot of what the price would be if someone were to trade at that moment without causing price movement — along with +1% and -1% market depth indicators (how much liquidity exists near the current price). We do this for dozens of pools across multiple chains and exchanges, including Uniswap v2/v3, Curve, Balancer, and Camelot.

We then aggregate these results, weighting them not only by volume but also by liquidity depth — a key differentiator. This multivariate approach gives a far more resilient price benchmark, especially for assets that are hard to trade but easy to stake.

Technical Highlights

Without diving into all the math, here’s what we delivered:

• Per-block state prices and real-time liquidity metrics from major DEXs across Ethereum, Arbitrum, Optimism, BNB, and more.

• Aggregated price feed using custom volume/liquidity-based weighting functions.

• +1%/-1% depth metrics in both native and USD terms to assess manipulability and trading ease.

• Forward-filled price interpolation to unify data across fast and slow blockchains.

• A REST + WebSocket API suite to deliver both historical and real-time access with sub-minute latency.

  
  

Why This Matters

This system allows Chainlink to support more assets without compromising on price integrity. Projects issuing assets with deep on-chain liquidity but low turnover can now be listed in oracles. This is crucial for the long tail of DeFi — including new LSTs, algorithmic stablecoins, and exotic synthetics — which are increasingly core to the ecosystem.

What This Says About Aleno

Whether it’s extracting meaningful signal from fragmented DEX liquidity, building robust pricing pipelines, or delivering sub-second data across chains, our team delivers infrastructure that powers the next generation of financial products.

Chainlink trusted us with a mission-critical component of its oracle stack. And we delivered.