Binance and Chainlink will collaborate together to further develop the expansion of Decentralized Finance applications as we are about to see in the Chainlink news today.
DeFi is a major trend right now and the protocols heavily rely on blockchain-based smart contracts to build decentralized infrastructures that are able to host financial applications inspired by traditional finance. Everything about lending, derivatives trading or decentralized exchanges will be improved with the new apps according to the announcements.
Binance and chainlink have both been true believers in DeFi and the Malta-based crypto exchange recently launched its own decentralized exchange called DEX which operates separately from its main platform. Binance, led by Changpeng Zhao argues that smart contracts can be flawless but it is not imperative to focus on the data that they rely on as well. If the data triggering a smart contract is not reliable, then the contract will fail no matter how good the code is. This is why it is important that DeFi developers access trusted data via secure oracles and here is where Chainlink can help. CZ commented:
‘’We support the development of Decentralized Finance as an important part of the ecosystem. Binance works with many blockchain projects, including Chainlink, to bring freedom of money everywhere, and through the help of Binance data and Chainlink’s network, we can help accelerate the growth of DeFi.’’
He explained that the exchange is trying to find ways to connect its platform to blockchains with the help of Chainlink. Binance offered high-end data that can be used by DeFi projects and Chainlink will support it. Binance provides an application programming interface that covers more than 630 crypto pairs with millions of users from more than 100 countries. The company wants to share its valuable data with other DeFi dapps by leveraging Chanlink’s oracle network:
“Making these datasets available on public blockchains allows interoperability across centralized and decentralized worlds, whereas DeFi Dapps can greatly benefit from data produced by highly liquid centralized exchanges.’’
Chainlink’s oracle technology will help the DeFi projects to access the off-chain data of Binance in a secure manner. Chainlink has created an external adapter that will allow smart contracts to integrate into the data from the Binance API.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
DC Forecasts - Newsletter and get recent news directly to your inbox! Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
DC Forecasts provides a comprehensive source of the latest news about cryptocurrency news daily. Read more on our about us page for details.