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Chainlink

ChainLink (LINK) Doing the Back Bone Work for Tamper Proof DeFi

The growth of DeFi has lead to expanded support for on-chain products involving various cryptocurrencies.  ChainLink is catering to this demand by continuously launching secure price oracles such as a BCH/USD Price Feed, which devs can integrate to support Bitcoin Cash markets.

Ranging from market data to insurance events, gaming outcomes, real-world collateral, and beyond, ChainLink oracles are accelerating innovation in the smart contract ecosystem by providing reliable access to a wide range of off-chain datasets and computations.

Chainlink VRF provides smart contract developers with a tamper-proof source of randomness for building gaming dApps, dynamic NFTs, and more. The ChainLink doc provides details about how to generate verifiable randomness and start using VRF in smart contracts.

Sergey Nazarov stated that just like the internet’s infrastructure matured to an inflection point before its best use cases went live, we are now seeing the improvement of blockchains, smart contracts and oracles to the inflection point where DeFi is a new global financial system.



Sergey also pointed to how the global financial markets seek yield, want to avoid counter party risk and fear rapidly rising inflation from unprecedented money printing. DeFi consistently provides superior 5%+ yield, transparency via blockchains and acts as a hedge against inflation.

Providing accurate data from hundreds of high quality data sources that facilitate a tamper-proof global price, in a decentralized way, is a key part of what makes Chainlink to make DeFi itself tamper-proof.

ChainLink (LINK) Integrations

Securitized asset platform Queenbee_io are set to integrate ChainLink to obtain key datasets for determining the valuation of small and medium-sized businesses tokenized on its platform, such as balance sheets, shareholder lists, third-party valuations, and more.

Chainlink oracles consist of a broad range of market data like the popular global market indices. Recently users took to integrate the N225/JPY Price Feed to support DeFi products based on the Tokyo Stock Exchange Nikkei 225 Index, already used and supported by Synthetix_io.

Recently, yield optimizer ETHALend integrated the Chainlink Fast Gas Price Feed on mainnet to calculate algorithmically optimized yield strategies. Chainlink permits ETHA strategies to plan and automate switching costs across DeFi protocols in a decentralized manner.

Layer-2 privacy solution suterusu_io integrates the ChainLink ETH/USD Price Feed into its platform to ensure users to have a secure, fair market exchange rate references when making privacy-preserving swaps involving ETH and USD stablecoins.

Prophet Finance are using Chainlink VRF in their decentralized no-loss lottery to pick winners in a provably secure and fair manner. Backed by on-chain cryptographic proofs, Chainlink VRF provides Prophet Users with integrity guarantees on the selection process.

 

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