It’s becoming clear that ChainLink is the best oracle for DeFi applications as DeFi protocols which depend on centralized oracles are pulling data from single exchanges, DEXes or otherwise, are inadvertently putting user funds at risk. Chainlink uses multiple data providers and exchanges.
One of the users expressed that this is very clear to the 115 DeFi projects, 74 blockchains as well as some of the biggest companies on the planet including Google, Microsoft, Amazon, Oracle, BSN, EY and Intel who have announced their integration of ChainLink oracles so far.
Chainlink stated that to facilitate DeFi’s growing demand across more blockchain ecosystems, we’re continuously launching Price Feeds to support new products. Integrate our XTZ/USD oracle network to build a Tezos focused DeFi market, already used & supported by Synthetix_io.
Increasingly developers are beginning to discover the stark reality that building a secure oracle solution is extremely hard and should be left to the experts who have spent years researching and building oracle networks which are now securing billions for the DeFi economy.
Link are doing a great job playing as the bridge between Big Tech of today and the new trustless smart contract driven world of tomorrow.
Chainlink Centralized Oracles are Dangerous
Some other users feel that It might be but not if the only reason is to have ONE source of prices for all DeFi applications, the reality is not to have one but many and for DeFi apps to respect the difference. Chainlink cannot be the only Oracle solution which exists.
Sergey Nazarov expressed that DeFi protocols should avoid using a single exchange or even just a few exchanges as their price source, regardless of whether it’s an off-chain exchange that seems reliable and/or an on-chain DEX.
Some of them in the meanwhile pointed to how it is very expensive to integrate LINK. And, further expressed that it is going to be a barrier to adoption.
In this regard, Sydney Ifergan, the crypto expert tweeted: “Centralized oracles can be dangerous. Decentralized tamper proof oracles are the solution. ChainLink (LINK) are making it possible.”
Many people from the Link community believe that some protocols compromise their user’s security purely because the Founder’s ego isn’t compatible with the industry standard security model. They are too proud to use Chainlink because of the community, as it is not their idea, whatever, It’s really sad.
Sergey is hailed intelligent and thoughtful by their community because he can talk about such complex ideas in the simplest terms that anybody can understand.