Decentralized oracle network Chain link running directly on Optimistic Ethereum, according to a release shared with livetechit. Most smart contract applications and protocols rely on external rules in some capacity, especially for price feeds in DeFi to perform on-chain actions such as checking mortgage loan or pay binary options at expiration.
What happens now?
As part of an expanded feature set, developers can now quickly and securely create DeFi applications using Chainlink’s price feed—Time-tested decentralized oracle networks maintain high-quality, tamper-proof data providing on-chain data feeds for a wide variety of assets such as cryptocurrencies, stablecoins, rates exchange rates, commodities, indices, etc.
Already exist a large number of Chainlink Price Feeds that run live on OΞ for developers to easily access today. Teams can also contact the Chainlink team for help in launching a new price feed across a variety of assets to support their applications.
Importantly, Chainlink Price Feed is sourced from OΞ, that is, they run at base speed and cost OΞ. As a result, developers who need scalability can get cheap, low-latency updates in near real time, unlocking a whole new class of advanced smart contract applications on L2 of Optimism which was previously not possible on L1.
Synthetix has integrated Chainlink Price Feed on OΞ for low latency, low cost oracle update, providing enhanced trading experience for users. The integration supports Synths trading on Kwenta, options trading on Lyra and Thales binary options.
Some of the benefits to development teams when integrating the Chainlink Price Feed include:
- High quality data – Sources Chainlink Price Feed data from multiple premium data aggregators, resulting in price data aggregated from hundreds of exchanges, weighted by volume, and cleaned from volumes outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash exceptions, and data manipulation attacks like quick loan.
- High frequency of updates – Chainlink price feeds implemented on Optimism provide low latency price updates with minimal cost, resulting in accurate price data that consistently reflects current market conditions.
- Strong infrastructure – Chainlink price feed uses a decentralized network of professional node operators run by leading blockchain DevOps teams and traditional businesses with a track record of uptime and capability. tamper protection against volatile markets, network congestion, and infrastructure outages.
- Transparent monitoring Chainlink provides a powerful reputation framework and on-chain monitoring toolkit that allows users to independently verify the historical and real-time performance of the price feed.
How Chainlink Integration Helps
Chainlink integration helps ensure that new and existing DeFi applications can migrate to OΞ L2 with minimal changes, if any, to the code.
Both teams are also working on expanding support on O .Ξ for other Chainlink oracle services, such as Chainlink VRF (verifiable random function) —a secure and publicly verifiable RNG solution for gaming and NFT dApps, Chainlink Keepers — distributed bot grants for smart contract automation and the ability to pull data off-chain and off-chain computations from any API.
Jing Wang, Co-Founder and CEO of Optimism said: “Chainlink price feed provides Optimist developers with a seamless plug-n-play solution to receive high-quality data and time-tested miracles in their DeFi apps.”
He added, “Combined with our scalable infrastructure, developers can launch scalable, externally connected dApps with minimal changes to the L1 code. their own and without sacrificing the strong underlying security of Ethereum L1.”
Sergey Nazarov, Co-Founder of Chainlink, said: “With Chainlink oracle networks natively integrated on Optim, developers can leverage the most secure and decentralized off-chain services to build. advanced hybrid smart contracts.
Chainlink, for those who haven’t started yet, is the industry standard oracle network for powering hybrid smart contracts. Chainlink The decentralized Oracle network provides developers with the largest collection of high-quality data sources and secure off-chain computations to extend the capabilities of smart contracts on any blockchain. .
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