Chainlink (LINK), a leading vendor of decentralized oracle services, is going to have its oracles integrated by Avalanche (AVAX) thanks to a community-driven funding program.
Chainlink (LINK) feeds are now available on Avalanche (AVAX)
According to an official joint announcement by the two teams, Chainlink (LINK) price feed mechanisms are now live on Avalanche's (AVAX) main network.
With support from a #Chainlink grant awarded to @protofire, Chainlink Price Feeds are now running live as the go-to oracle solution on @avalancheavax mainnet, enabling Avalanche devs to build high throughput, low-cost, & universally connected #DeFi apps. https://t.co/LKBoBy7FhY— Chainlink - Official Channel (@chainlink) July 21, 2021
With this release, every decentralized application launched on the Avalanche (AVAX) platform is able to leverage accurate online data streams broadcasted by Chainlink's (LINK) oracles.
New tools were created, tested and deployed to Avalanche (AVAX) by the Protofire development workshop. Efforts by its engineering team were fueled by a Chainlink Community Grant.
On June 3, 2021, these instruments were deployed to Avalanche (AVAX) testnet in order to extensively stress test them in a sandbox environment.
New prospects for Avalanche-based DeFis
Cryptocurrency veteran Emin Gün Sirer, founder and CEO of Ava Labs, is excited by the quality of data provided by Chainlink (LINK) decentralized oracle mechanisms:
Chainlink has set the standard for oracles and data across blockchains and decentralized applications. 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.
The main use cases for Chainlink's oracles on Avalanche (AVAX) include calculating collateralization rates, minting fair market loans, setting exchange rates, the pricing of synthetic crypto-pegged tokens, rebalancing algorithmic stablecoins and triggering alogithmic trading strategies.
BENQI and BIFROST are the first Avalanche-focused teams to begin experimenting with Chainlink-powered oracle mechanisms. Chainlink (LINK) shared its plans to expand its oracles suite on Avalanche (AVAX).