Chainlink oracles are now used to facilitate verifiable credential data for DeFi applications. Lending Protocols which are coded as Dapps will not be able to access valuable identity data like credit card history and accreditation data sourced from traditional credit bureaus.
ChainLink tweeted: “#DeFi blockchain @Hdao_Official is integrating Chainlink’s trusted oracles and high-quality data. HyperDAO will use #Chainlink to build a collateral-backed stablecoin, add stop-limit order functions, calculate interest rates, and more.”
HyperDAO is now integrating Chainlink as their Standard Oracle Solution to power its DeFi platform.
Chainlink has a robust set of features, and they place great emphasis on security. This has made HyperDAO choose the oracle and further recommend it to developers.
HyperDAO benefits from a steady stream of data that is accurate and reliable for use in a decentralized manner.
Sydney Ifergan, the crypto expert, tweeted: “ChainLink (LINK) Oracles are becoming the go place for DeFi systems looking at verifiable and accurate data.”
MonteCarloDEX, Decentralized derivatives trading platform are using the Chainlink’s ETH/USD Reference Contract as the index oracle for their ETH/PERP Perpetual Contract. The Chainlink ETH/USD price feed provides the key data for calculating funding rates.
Paraswap, a DEX aggregator are as well using the Chainlink’s Price Reference Contracts to provide for accurate and timely price feeds for #ETH and ERC-20 tokens. The price feeds will be used as the basis for comparing asset prices from across 15 different exchanges.
The Chainlink use cases are attracting several investors providing for itself a perpetual bullish cycle. The ChainLink oracles are becoming the favorite of enterprise applications.
Sergey Nazarov, the CEO of Chainlink, had previously spoken about the product road map, and they are very clear about where they are heading to.
They are doing a great job in solving the issue of pricing data manipulation, which is very important in the DeFi sector. They provide decentralized oracle mechanism and multiple quality data aggregators. They have forever been against the idea of using price feeds from just one source.
The accuracy of data provided by the oracle is re-defining the quality of expectation around smart contracts. The price reference data fees are decentralized and therefore is better than single price inputs. Multiple price inputs from various credible resources make life difficult for attackers.
The current economic crisis does not seem to have affected the LINK price, considering the positive momentum exhibited in the price charts.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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