The Cryptocurrency market has been volatile but crypto assets like Chainlink [LINK], have kept many traders afloat. The year-to-date returns of LINK were marked over 400%, while many other major projects seem to be barely even touching the three-digit returns. The positive price trend has definitely created a lot of hype for Chainlink, but its oracles have created a market of its own.
On 2 November, Equilibrium announced using Chainlink Price Oracles to power stablecoins, lending, and synthetic assets on Polkadot. This price oracle will be used to provide an accurate assessment for smart contracts to issue loans, while also providing price collaterals and execute trades of synthetic assets in a decentralized fashion.
Chainlink and its oracles, which connect blockchains to real-world data, have created a strong place in DeFi and it collectively secured over $4 billion in value for many leading DeFi projects. The centralized system provided users several technological features lacking in other oracle solutions like the high-quality data, decentralized oracle network, and price transparency, which was also outlined by Equilibrium as distinguishing factors.
Chainlink’s Head of Business Development, Daniel Kochis explained these features:
“Chainlink’s high quality data and decentralized oracle infrastructure ensures that all price feeds are highly accurate, available, and resistant to manipulation, empowering users with trustless interactions with Equilibrium’s DeFi protocols.”
Chainlink bridging gaps
According to the Link Marine, Chainlink has managed to integrate into 315 projects since its launch in 2017. These included 74 blockchains, 98 decentralized finance [DeFi] projects, 23 data providers, and 44 nodes.
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