Chainlink Price Feed Addition to Boost Avalanche DeFi App Potential

The availability of Chainlink Price Feeds on the Avalanche mainnet will improve the quality of DeFi applications developers can create on the popular platform. The feeds bring secure price reference data from several asset classes. Some options now available are price-sensitive derivatives markets, low-cost lending applications, and high-throughput trading strategies.

Credit goes to the development workshop and Avalanche validator Protofire, who was awarded a Chainlink Community Grant to adapt, test, and implement Chainlink oracles natively into the Avalanche mainnet.

Future plans are to introduce new feeds to meet demand, the companies said. The Chainlink data has proven to be precise and resistant to API downtime, flash crash outliers, and flash loan attacks, they added.

“Chainlink has set the standard for oracles and data across blockchains and decentralized applications,” says Emin Gün Sirer, founder and CEO of Ava Labs. “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 technically advanced platform in crypto.”

Developers can use Chainlink Price Feeds to perform key on-chain functions like calculate collateralization ratios, mint fair market loans, set exchange rates, price synthetic assets, rebase algorithmic stablecoins, and trigger automated trading strategies. Several teams are already launching their DeFi applications on Avalanche using Chainlink, including BENQI and BIFROST.

“The launch of Chainlink on Avalanche is a watershed moment which we believe will spark the explosion of DeFi activity on the network,” BENQI cofounder Dexter Lee said. “We are excited to integrate Chainlink Price Feeds to maximize the tamper-resistance of BENQI, giving us confidence in the security and health of our protocol.”

“Chainlink enables BiFrost to achieve end-to-end decentralization, which is crucial for DeFi protocols,” BIFROST CEO Dohyun Pak added. “By integrating Chainlink Price Feeds on both Ethereum and BSC, the BiFrost protocol ensures it has access to the most reliable, decentralized, and highest quality data. Chainlink’s 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.”

Sponsored Links by DQ Promote


 

Send this to a friend