The cryptonews today show that the decentralized network Chainlink partners with the Solana layer-one blockchain solution to build an oracle that updates very quickly. For those of you who don’t know, Solana is a layer-one blockchain which can do around 60,000 TPS without any sharding.
The founder and CEO of Solana, Anatoly Yakovenko, spoke to the media following the partnership and said:
“We recently saw market failures due to congestion on Ethereum, including oracle failures. What we’re building with Chainlink is a high-frequency oracle that can give a price update every 400 milliseconds — and because of our capacity, we shouldn’t see those kinds of market failures on our network. It’s solving a fundamental problem that we see in the decentralized exchange space.”
As Chainlink partners with Solana, the excitement of the CEO can be seen. When asked about the 60,000 TPS that Solana handles without sharding, Yakovenko said:
We are scaling with hardware with Moore’s Law. We’re like a non-sharded layer-one that’s ridiculously scaled.
The Chainlink news before showed that aside from the prosperous LINK token that the network issues, the solution is one of the most sought-after and popular oracle networks in the world. You can see “Price Reference Contracts” which are a group of decentralized oracle networks that secure more than 25 DeFi price feeds including pairs such as ETH/USD, CHF/USD, ETH/BTC and others. All of these contracts are pegged by at least seven out of the 30 independent as well as Sybil resistant nodes.
In the coming altcoin news, we can see that LINK is gaining and adding up in terms of value. Currently, the token is at $2.29 with a 1% increase on the day and holds the 14th position on the total cryptocurrency list. Its market cap of $800 million is very close to the one of Stellar (XLM) which is just above it on the list and has $845 million, as well as the Monero (XMR) altcoin which has gained 100% this month and has a market cap of $875 million.
As Chainlink partners with Solana, we can see that the developments can be positive for the altcoin in the near future. The price of LINK could obviously benefit from everything that is going around the project and all of its plans for the future.
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