Chainlink’s price feed, the most widely used and time-tested decentralized price contests in DeFi, now running live on Solana Devnet in sub-second updates, according to a release shared with livetechit.
NS Chain link the team intends to integrate the mainnet before the end of Q4. The integration is the result of months of close collaboration between Solana Labs and the Chainlink teams.
Through close collaboration with the Solana Labs team, #Chain link The price feed is now live on @Solana Devnet, offers Solana’s #DeFi Ecosystem with native access to decentralized price contests providing broad market coverage and sub-second updates. https://t.co/hzLXlDe4et
– Chainlink – Official channel (@chainlink) August 25, 2021
Chainlink – Benefits of Solana
Solana developers can leverage the Chainlink Price Feed for highly decentralized, high-quality and up-to-date price reference data to build multiple smart contract applications combined in DeFi .
The Chainlink price feed has included secondary secondary data providers for many years like Coin Metrics, Cryptocompare, NCFX, Tiingo, dxFeed, etc. or is secure thanks to native integration with its high-performance blockchain. Solana.
With Solana supporting up to 65,000 transactions per second and fees per transaction less than a cent, the addition of the Chainlink Price Feed enables competitive DeFi application development with execution and risk management quality. CeFi transactions.
Having secured tens of billions of dollars on the DeFi ecosystem, the Chainlink Price Feed leverages a network of professional nodes that pull data from a variety of premium data sources and institutional benchmarking providers to create Offers prices that are representative of the global market with strong coverage and multiple layers of security decentralization to ensure accuracy, uptime, and tamper resistance, even in volatile market times. strong movement.
Development teams leveraging the Chainlink Price Feed on Solana can significantly save time and resources to go to market, as they don’t need to build critical backend infrastructure from scratch. Instead, developers can just focus on their core business logic and bring next-generation applications to users in the Solana ecosystem.
DeFi on Solana
NS DeFi Ecosystem on Solana is growing at an increasingly fast rate, and the majority of DeFi applications require external financial market data to perform key on-chain functions such as issuing loans at fair market prices, liquidating decentralized positions, trigger portfolio rebalancing when certain prices are hit, settle options contracts at expiration, and more.
The addition of the Chainlink Price Feed provides developers with proven decentralized oracles solutions that are pre-built and time-tested in production to ensure valuable operations. high value.
Importantly, Chainlink’s implementation of Solana is independent of external blockchain networks like Ethereum, allowing oracle updates to happen at the speed and cost of Solana network while ensuring the highest data quality. and the highest level of uptime and tamper resistance that developers have come to expect from Chainlink.
While other solutions have limited market coverage and are subject to significant price delays, the Chainlink Price Feed provides low-latency updates with market coverage across all exchanges. Traditional and decentralized transactions are involved.
Each Chainlink Price Feed update represents carefully aggregated prices using a robust framework for source aggregation, suspicious volume detection, and decentralized computation. That’s why Chainlink remains accurate and available despite exchange downtime, flash failure exceptions, and data manipulation attacks like quick loans.
Anatoly Yakovenko, founder and CEO of Solana Labs, in a statement.
He added, “The combination of Solana’s high-quality oracle infrastructure and high-speed blockchain network can enable DeFi applications to scale to a global level.”
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth through secure, trusted oracle networks. It currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other key industries.
Get one sharp tongue on the cryptocurrency market
Access more crypto details and context in each article as a paid member of livetechit Edge.
Join now for $19/month Discover all the benefits
Like what you see? Sign up for updates.