Chainlink will provide price feed data options to Solana for Defi support, announcing its price feed technology was already launched so let’s read more today in our latest Chainlink news.
Chainlink will provide live price feed data that has been launched on the Solana network and the information will help Solana developers use live price information for financial services. The oracle platform announced that seven price feeds will be available for the developers including ETH/USD, BTC/USD, and USDC/USD with more price feeds to come at later stages. Multiple projects already committed to using Chainlinks tools like the lending protocol Apricot Finance and the yield farming aggregators Tulip and Francium. The co-founder of Solana, Anatoly Yakovenko, believes that the integration will be of great help for Solana developers:
“Chainlink’s launch on Solana will give defi developers access to the most widely used oracles in blockchain.”
The oracle is an entity that bridges blockchain-based applications with external systems and provides data from the real world. The data from Chainalysis provides an oracle for smart contracts to identify sanctioned blockchain addresses and these price oracles are really helpful tools because they can determine appropriate lending and collateral rates between different cryptocurrencies. The defi protocol on Terra classic was exploited recently because the price oracle was reporting incorrect data for LUNC. This allowed the exploiter to seize $2 million in funds despite the minimal collateral in the system. Chainlink’s oracle was associated with some of the most exploited dapps but the error likely stemmed from the protocol side mistake.
The oracle platform’s co-founder Sergey Nazarov shwoed some excitement about the integration and called it a major leap forward for the entire defi industry. The team is anticipating a role in the Solana ecosystem taking note of the deep oracle network of chainlink.
As recently reported, Chainlink will automate rental payments for property owners to a Latin American real estate paltform and the tokenization of the global property markets is setting quite the goal of the blockchain space and DEFI by offering a novel solution for the sector to pick up the pace. The decentralzied oracle network chainlink will power the real estate paltform and will serve the property market in Latin America. LaProp will allow investors to buy tokenized shares in different real-world properties that will yield a percentage of income from the rental payments.
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]