Chainlink Price Feeds have been incorporated on the Avalanche (AVAX) mainnet, bringing price reference data to protocol developers across various asset classes. Chainlink’s oracle network was integrated by Avalanche (AVAX) thanks to a community-driven funding program.
Decentralized Oracle Service Provider
Chainlink Community Grant awarded to Protofire — a leading development workshop and Avalanche validator adapted, tested, and implemented Chainlink oracles natively into the Avalanche mainnet.
In this regard, Emin Gün Sirer, founder and CEO of Ava Labs, said that Chainlink had set the standard for oracles and data across blockchains and decentralized applications.
He also said that DeFi is already flourishing on Avalanche. Still, Chainlink’s data will unlock a powerful, technologically advanced platform in crypto.
The leading vendor of decentralized oracle services fetches data from outside sources into a blockchain.
Every decentralized application launched on the Avalanche (AVAX) platform can leverage accurate online data streams broadcasted by Chainlink’s (LINK) oracles with this release.
John Wu, president of Ava Labs, which runs Avalanche, said they were thrilled that over 225 projects are building on the Avalanche ecosystem. A bunch of them are in integration mode, awaiting features like oracles from Chainlink. Some significant stablecoins are also briefly down the pike.
When the community thinks about the services provided by decentralized oracle networks like Chainlink, Price Feeds comes to mind.
Price Feeds on-chain reference contracts allow smart contract developers to mobilize ultra-modern DeFi applications on Avalanche’s effective platform. Further included are price-sensitive derivatives markets, low-cost lending applications, and high-throughput trading strategies.
However, repositioning financial market data from the real world onto the blockchain is just the tip of the iceberg regarding the broad array of hybrid services that Chainlink provides.
Hybrid off-chain services are specially built upon a generalized oracle framework that connects smart contracts to external resources. Smart contract developers can overcome the data connectivity problem of blockchain networks and begin making more advanced decentralized applications.
Establishing DeFi Applications
Avalanche DeFi developers can begin assessing Chainlink Price Feeds using released documentation. Essential on-chain functions can now be performed, including but not limited to pricing synthetic assets, calculating collateralization ratios, minting fair market loans, setting exchange rates, triggering automated trading strategies, and rebasing algorithmic stablecoins.
Dohyun Pak, CEO of BiFrost, said some Avalanche teams have begun establishing their DeFi applications on the protocol using Chainlink like the multichain ‘middleware’ app BiFrost.
Incorporating Chainlink Price Feeds on Ethereum and BSC will ensure that the BiFrost protocol has access to the most reliable, decentralized, and highest quality data.
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