The Binance SmartChain provides support for Chainlink thus removed all needs to rely solely on Ethereum as we are reading more in today’s Chainlink coin news.
Chainlink received another endorsement by the biggest crypto exchange in the ecosystem-Binance. The exchange announced a new integration between the decentralized oracle platform Chainlink and the Binance SmartChain. The integration is on a basic level as the oracles won’t need support for the ETH network since they will be running on the Binance smart Chain. This underlines the important advance in the development of the smart chain while still contributing and expanding Chainlink’s reach as a fully functioning system.
The announcement was published on the official Binance website and the team assured that all of the smart contracts that run on Binance Smart Chain will be able to be integrated with the Chainlink oracles. As Binance Smart Chain provides support for LINK now, there will be a robust ecosystem of externally connected DeFi apps and many other smart contract options like insurance, gaming, and supply chain management since the oracles are accessible on the Binance Smart Chain without being dependent on Ethereum.
Currently, Binance maintains two blockchains, the binance chain that can process large volumes of transactions cheaply and the Binance Smart Chain which is a little slower but will play a key role in developing a decentralized ecosystem thanks to smart contracts support. In other words, the Binance Chain will be the first generation blockchain while the Binance Smart Chain will be the second-generation one.
The team explained that their blockchain is fully compatible with a few price feeds and provided non-manipulable and reliable info from third parties so the need for reliable information is a key to developing the ecosystem and was one of the most exploited flaws in recent protocol hacks. For Example, the value DeFi protocol lost about $6 million once a hacker exploited the vulnerability via a flash loan. The hacker was able to do this because Value DeFi issued a centralized oracle and determined the price of the various crypto assets with which it operated. Right after the hack, Value DEfi announced that they will use Chainlink oracles and will prevent future attacks.
Among other projects that provide support for Chainlink are Google, Oracle, SWIFT, Orion, Tezos, CoinGecko, Kyber.network, Kava, and Synthetix.
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