Solana developers are now able to use the chainlink DeFi price feeds so all the builders now have access to reliable price data as we can read more in our latest chainlink news.
The fast-growing sector of Defi is getting another boost as the Chainlink price oracles went live on the Solana blockchain. The price oracles are considered a crucial part of the Defi infrastructure as they help other platforms to receive reference data like prices of various cryptos and tokens in real-time. Defi or short for decentralized finance is a suite of blockchain-based financial services which replicate most of the common offerings from traditional banks which could be as simple as lending and borrowing or complex as derivatives trading. Chainlink’s oracles are a common feature in the industry and for example, the price oracles saw a similar integration with the ETH-based Fantom network. Anatoly Yakovenko the founder and CEO of Solana Labs is confident that the latest integration with Solana will be beneficial:
“The combination of high-quality oracle infrastructure and Solana’s high-speed blockchain network can enable DeFi applications to scale to a global level.”
While the price feeds are available on the Solana Devnet, the low-stakes test environment allows anyone to try to build on Solana as the developers say that the mainnet integration will be rolled out before the fourth quarter of the year. The Solana developers are now able to use the LINK price data feeds and more and more users see it as the Ethereum killer which offers low transaction fees and it is capable of handling up to 65,000 transactions per second. Thanks to the combination of the factors, Solana is increasing popularity among both the developers working on the Defi apps that create crypto-collectibles in the form of NFTs. NFTs are tokenized representations of digital arts, music, or concert tickets so to get in on the growth, Solana launched a Shopify for NFTs platform dubbed MetaPlex.
SOL, as the platform’s native token, is now the tenth biggest crypto by market cap according to the data from CoinGecko. Boosted by a string of great news including the launch of the NFT collection dubbed the “Degenerate Ape Academy” the price of SOL hit a new high of $81.25 per Coingecko.
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