The pricing feed protocol Chainlink recently integrated its services with another powerful blockchain. This time, Chainlink partnered with Tezos and the Tezos price could visit $3 with new gains only because of this update.
Originally announced on Thursday, the decentralized pricing oracles that Chainlink has will provide real-time data for the Tezos community projects. Both of the networks teamed up in the cryptonews recently, and partnered with Smart Chain Arena and Cryptonomic, a pair of independent Tezos developers.
What this integration means is that Tezos projects in the future can pull from active pricing feeds for various assets to build out products, such as the Bitcoin-based decentralized finance (DeFi) application which was recently created by the Bitcoin Association in Switzerland.
The pricing oracles such as Chainlink provide the infrastructure that is needed for scaling digital asset products. The Tezos price could visit $3 because of the new partnership, knowing how the field of decentralized finance (DeFi) is growing. Digital assets are sold on various secondary markets, making the price discovery inherently difficult.
So, Smart Chain Arena and Cryptonomic are the two firms in the greater Tezos ecosystem which will push this project further. The former firm produced the SmartPy language, which will be used for crafting the smart contracts that are necessary to deploy Chainlink’s oracles.
“We recommend Tezos developers use Chainlink when building smart contracts as Chainlink’s secure decentralized oracle network makes possible a plethora of new use cases across DeFi, Equities, Insurance, and much more,” Cryptonomic co-founder Vishakh said in a statement.
The CEO of Chainlink, Sergey Nazarov, also spoke about the new partnership and said that many firms are switching to contracted oracle solutions because of the inherent difficulties of building a decentralized pricing feed.
Because of all this, the Tezos price could visit $3 and the Tezos news already show minimal improvements. At press time, the price of the XTZ altcoin is at $2.90 with minimal losses. However, the integration is sponsored by a grant from the Tezos Foundation, according to a blog post from Cryptonomic. So, it shows that new developments are coming in this ecosystem and the company behind the XTZ altcoin is pushing for more updates in the near future.
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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.
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