HBAR Foundation is joining Chainlink Scale which now deepens the collaboration between the Chainlink and Hedera ecosystems.
As noted in a blog post, the HBAR Foundation, which supports the growth and adoption of the Hedera ecosystem, has joined the Chainlink Scale program.
As an initial step in this partnership, Chainlink Data Feeds are now reportedly live on Hedera Testnet.
Additionally, Chainlink Data Feeds and Chainlink CCIP are being actively integrated on Hedera, giving devs the “industry-standard” services needed to build feature-rich dApps.
This is not the first time that they have collaborated: the Hedera and Chainlink ecosystems have maintained a relationship since 2021, which was when Chainlink Labs joined the Hedera Governing Council.
Chainlink Labs contributes to Hedera’s decentralized governance, not only by operating a node but also by playing a role in the development, oversight, and operation of the Hedera network.
As explained in the update, joining the Chainlink Scale program reportedly provides Hedera developers with enhanced access to Chainlink’s high-quality oracle services.
As the adopted data standard in the onchain ecosystem, Chainlink helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events.
Chainlink Data Feeds deliver several critical features and benefits, such as:
- High-Quality Data — Chainlink Data Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Data Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Data Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of onchain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
The team said that they envision CCIP as a key part of the ecosystem’s interoperability because Chainlink has a record of maintaining the standard of security and reliability in the blockchain industry.
CCIP is powered by Chainlink decentralized oracle networks, which have secured tens of billions for smart contracts and enabled $15 trillion in onchain transaction value.
CCIP provides features that enhance the developer experience.
These include Programmable Token Transfers that enable transferring tokens, messages, or both tokens and messages simultaneously within “a single cross-chain transaction, and a plug-and-play token transfer solution consisting of audited token pool contracts that handle the complexity of burning and minting or locking and unlocking tokens across chains.”
Additionally, CCIP offers a unified cross-chain developer experience by providing a “single, easy-to-integrate interface.”
The deployment of CCIP on Hedera involves a “phased” rollout, with additional lanes, tokens, and functionality being added over time.
Chainlink is theplatform for the future of markets onchain. Chainlink has enabled over $15 trillion in transaction value by providing financial institutions, startups, and developers worldwide with “access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain.”
Chainlink powers applications and markets “for banking, DeFi, global trade, gaming, and other major sectors.”
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering the builders developing these communities.
The Foundation’s funds – focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders – each support communities within those areas, and the “interconnectedness enables applications to participate as part of a larger ecosystem.”
The power of these funds enables entrepreneurs, developers, and enterprises to tackle problems, and create / control their own economies, all built on the Hedera public network.
Whether you’re building something or migrating an EVM-based application and community, the HBAR Foundation can provide support.