Chainlink (LINK), a leading vendor of decentralized oracles services, is going to have its oracles integrated by Avalanche (AVAX).
According to the announcement made by two teams, Chainlink price feed mechanisms are now live on Avalanche’s mainnet. Chainlink will provide seamless access to most secure and highest quality price reference data across a variety of asset classes.
Chainlink’s price Feeds empower smart contract developers to build advanced DeFi applications on Avalanche. It includes price-sensitive derivatives markets, low-cost lending applications, high-throughput trading strategies, and much more.
The merger was made possible by the Chainlink Community Grand award to Protofire – a leading development workshop and Avalanche validator. It adapted, tested, and implemented Chainlink Oracles natively into the Avalanche mainnet.
“Chainlink has set the standard for oracles and data across blockchains and decentralized applications,” says Emin Gun Sirer, Founder and CEO of Ava Labs.
He also added, “DeFi is already flourishing on Avalanche, but Chainlink’s data will unlock an enormous amount of development across the community and expand Avalanche’s edge as the most technologically advanced platform in crypto.”
Avalanche developers can use Chainlink’s Oracle to calculate collateralization rates, minting fair market loans, setting the exchange rate, and much more.
Avalanche developers are already launching their DeFi application on Avalanche using Chainlink, including BENQI and BIFROST.
“By integrating Chainlink Price Feeds on both Ethereum and BSC, the BiFrost protocol ensures it has accessed the most reliable, decentralized, and highest quality data,” said Dohyun Park, CEO of BiFrost.
He also added, “Chainlinks Avalanche expansion is exciting news for the greater DeFi space and will help secure the BiFrost platform as it scales to meet the demand for a multichain ecosystem.”