Solana now has Chainlink Price Feeds
The launch of price feeds on Solana marks an important step in the integration of Chainlink’s decentralized oracle network with the Solana ecosystem. This allows for the creation of dApps with more significant data availability and security and supports existing applications built on Solana that require accurate off-chain data. The use of Chainlink price feeds helps to ensure that these apps have access to the most current information available, giving users confidence in the application’s results.
This partnership is a natural fit given both projects’ focus on scalability and building infrastructure for a more decentralized future. As part of its mission to make blockchains more accessible and user-friendly, Solana works to eliminate obstacles that stand in the way of adoption. Meanwhile, Chainlink provides a crucial link between blockchains and real-world data, allowing them to interact seamlessly. These two projects can help move blockchain technology closer to widespread use by working together.
Looking ahead, this collaboration lays the groundwork for even deeper integration between Chainlink and Solana. As Price Feeds are just one example of how oracles can be used on Solana, there is significant potential for further expansion in this area. With both teams committed to building a better future for blockchain, we will likely see even more exciting developments from this partnership in the months and years to come.
Solana DeFi ecosystem
The Solana DeFi ecosystem will be able to use seven price feeds from the first chain that Chainlink supports that is not an EVM chain. This is a huge development for the blockchain space, as it shows that Chainlink is willing to work with different types of chains in order to provide reliable data to its users. This move will also make it easier for developers to build applications on top of Solana, as they will have access to more accurate data.
This is just the latest example of how Chainlink is working on expanding its reach and impact within the blockchain industry. The company has already established itself as one of the most important players in the space, and this latest move only solidifies its position. With more and more projects looking to use blockchain technology, Chainlink is poised to play a key role in helping them succeed.
Overall, the partnership between Chainlink and Solana has the potential to benefit both projects in a number of ways. By providing Solana dApps with access to reliable off-chain data, Chainlink can help unlock a new wave of innovation on the platform. At the same time, expanding Chainlink’s supported networks to include a non-Ethereum Virtual Machine (EVM) blockchain like Solana could open up new opportunities for the Oracle network down the line.
Chainlink’s pricing feeds offer a valuable service to developers building on the Solana platform. By providing accurate and up-to-date information on the price of various assets, Chainlink helps developers create more efficient and effective applications. In addition to offering price feeds, Chainlink is also working on expanding its services to include other data that would be useful to developers.
Chainlink Labs’ head of product marketing said Solana’s high throughput design will let pricing feeds gather data at fast speeds and low costs.
Chainlink has introduced 2.6 billion data points to blockchain apps, Dhull added. According to Bank of America, the growth of DeFi’s total value locked can be attributed to Chainlink’s services. They say that these services have accelerated mass adoption, driving up the value.
While there are many theories as to why the value of DeFi has been growing so rapidly, it seems that most people agree that Chainlink is playing a big part in it. Their unique services allow for smart contracts to connect with real-world data, which is essential for many applications.
With more and more people using DeFi applications every day, it’s clear that this trend is here to stay. And with Chainlink providing such vital services, they will likely play a major role in the future of DeFi.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
