Chainlink partners with Solana to provide price feed and support for Defi
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Answer Chainlink partners with Solana to provide price feed and support for Defi
Chainlink recently announced that its price feed technology has been launched on the Solana Network.
This information will help developers of Defi protocols on the Solana blockchain to use live price information for various financial services.
Chainlink has announced that seven price feeds will be made available to Solana developers, including:
BTC/USD, ETH/USD and USDC/USD.
More price feeds will be provided at later stages.
Notably, several projects built on the Solana blockchain have already committed to using Chainlink tools, including lending protocol Apricot Finance, Francium and Tulip.
Anatoly Yakovenko, co-founder of Solana, believes the merger will be a boon for Solana’s dapp developers, adding:
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The launch of Chainlink on Solana will give select developers access to the most widely used oracles in the blockchain space.
For your information, an “Oracle” is an entity that connects blockchain-based applications with external systems, providing data from the real world.
Chainalysis, for example, provides oracles for smart contracts to identify sanctioned blockchain addresses.
Pricing tools are useful in setting prices, as they help in determining the appropriate lending rates and collateral between different cryptocurrencies.
The protocol for “Terra Classic” was recently exploited because Oracle Price was reporting incorrect data to “LUNC”.
This allowed the exploiters to seize two million dollars in funds despite the deployment of minimal guarantees in the system.
Chainlink has been associated with some dapps exploits, but the bug is believed to be a bug on the part of the protocols using it.
Chainlink co-founder Sergey Nazarov is enthusiastic about the integration, calling it a huge leap forward in the industry.
Read:The founder of “Terra” prepares to launch a new decentralized stable digital currency…Details here
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