Chainlink Labs hired Dahila Malkhi from Diem to become the new Lead Research as the platform announced and we are reading more in our latest Chainlink news today.
Malkhi will help support the growth of the data oracle network. Malkhi became the chief research officer after her stint as chief technology officer of the Diem Association which is a Facebook-backed stablecoin project that shut down earlier this year. Chainlink is a data oracle network whcih distributed information like price quotes across blockchains while Chainlink Labs is the corporation behind the network.
The hire continued a talent exodus from the Diem Association whcih was started by Facebook in 2019 as Libra and then sold to Silvergate Bank amid the shutdown. Chainlink was hiring executives like Diem’s co-founder Christian Catalini and former Google CEO Eric Schmit. The Chainlink Labs CEO Sergey Nazarov said that Malkhi’s expertise in blockchain networks makes her the perfect addition. The former vice president of Learning Solutions of LinkedIn, became Chainlink’s lab chief operations officer last year.
As recently reported, Chainlink is a blockchain oracle service provider with over $60 billion deposited into smart contracts and the recent analysis from Bank of America claims that the network will drive blockchain adoption into the gambling, gaming, and insurance industries among others. According to a report released recently, the company believes that chainlink is now a strogn driver behind the growing total value locked in DEFI and according to DEFI Llama there are over $205 billion locked into DeFi which is up by 300% year over year.
DeFi refers to the provision of financial services like borrowing, lending, and insurance through blockchain0based smart contract systems rather than through traditional centralized systems such as banks. Chainlink is built atop Ethereum and it is now the leading blockchain for DEFI and holds $121 billion TVL. Chainlink can drive mainstream adoption of blockchain technology because of its oracles, devices that connect on-chain and off-chain data. This allows smart contracts to execute based on the inputs from the real world rather than only blockchain-native variables. Its growth was quite exponential last year and scaled up from $7 billion in TVL at the end of 2020.
Crypto market-making firm GSP partnered with Chainlink to contribute price data to decentralized oracle networks and be used within DEFI and smart contract applications which outlined that the industry is moving forward to interoperability and other cross-platform compatibilities.
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