Chain Link launches price feeds on Solana to provide data to DeFi developers
Chainlink, a blockchain oracle platform, has announced that its pricing feeds are now available on the Solana blockchain. Developers of decentralized finance (DeFi) applications can now use the feeds as part of their decentralized applications thanks to the integration (DApps).
According to a press release given to Cointelegraph, the blockchain oracle platform will make seven price feeds available to Solana developers at launch, including BTC/USD, ETH/USD, and USDC/USD. More Chainlink oracle services and price feeds will be made accessible as the integration progresses.
The Chainlink connection, according to Anatoly Yakovenko, co-founder of Solana, will aid developers in creating DeFi-based DApps on Solana. “DeFi developers will have access to the most extensively used oracles in blockchain with Chain Links deployment on Solana,” he said.
Sergey Nazarov, a co-founder of Chain Link, was equally ecstatic with the integration. Chain Link has a large oracle network, according to Nazarov, and its staff is looking forward to its position in the Solana ecosystem. He called the merger “a significant step forward” for DeFi.
Solana-based projects have pledged to adopt the pricing feeds for their products as soon as Chain Link is implemented. Francium and Tulip, yield aggregators, and Apricot Finance, a lending protocol, are among the companies that will use them.
LaProp integrated Chain Link into its real-estate platform earlier this month, allowing investors to buy tokenized shares of rental properties. Rental payments will be managed and dispersed to token holders within the platform using Chainlink’s capabilities.
Meanwhile, as Chainlink suspended the LUNA price feed, DeFi protocols reported losses from exploits arising from a price feed difference within the Luna Classic (LUNC) oracle. However, one member of the community feels that the losses are the result of protocol failure.