Chainlink & Solana Integration Details
On the Solana Mainnet, the Chainlink Pricing Feeds, which are the industry norm price oracle systems for DeFi apps, are now active. With this native integration, developers building on Solana are now able to leverage seven different Chainlink Price Feeds (including BTC/USD, USDC/USD, ETH/USD and rest) for highly decentralized, high-quality (HQ), and close to real price updates. This gives them the ability to create a strong kingdom of hybrid smart contract apps that provide high results around trade execution and risk management. During the subsequent stages of the integration, which will take place over the course of the next few months, Solana developers will have access to hundreds of new Chainlink Price Feeds in addition to other Chainlink oracle services.
Chainlink is the industry-leading solution for extremely precise and tamper-proof market data as well as secure off-chain computing. It protects tens of billions of dollars in combined worth across hundreds of apps that run on more than a dozen different blockchains. Since its launch, the Chainlink Network has powered more than 980 oracle networks and has safely delivered more than 2.6 billion data points to on-chain applications.
The Chainlink Network is comprised of independent, globally distributed, Sybil-resistant oracle nodes that are run by world-class DevOps teams from organizations such as Deutsche Telekom’s T-Systems, The Associated Press, Swisscom, LexisNexis, and more. Chainlink is relied upon by a number of the highest value DeFi applications in the blockchain industry. These applications include Aave, Compound, dYdX, Sushi, Synthetix, and Nexus Mutual, to name just a few. Chainlink obtains its data from exclusive, authenticated APIs and aggregates it using a three-tiered system.
In the coming months, Chainlink is anticipated to grant developers who are constructing on Solana (SOL) access to lots of additional price feeds and datasets, in addition to other famous Chainlink (LINK) services like Proof of Reserve for asset accreditation, Keepers for event-driven and time-based automated processes, and Verifiable Random Function (VRF) for unpredictability, a service that is already utilized by hundreds of groups to fairly mint millions of NFTs.
Later on in 2018, Chainlink also intends to release the Cross-Chain Interoperability Protocol, commonly known as CCIP. This protocol will serve as a new worldwide norm for decentralized multi blockchain communications, data, and token transfer. Through the utilization of the Chainlink oracle systems, users and developers of Solana will be able to transfer tokens and carry out smart contracts across many blockchains with the help of CCIP, which will make it possible to create cross-chain apps.
Official Quotes
Sergey Nazarov, co-founder of Chainlink, informed: “By providing the most reliable and highest quality data to the already lightning fast Solana blockchain, the Chainlink integration with Solana is a major leap forward for the kind of scalable, institutional-grade, DeFi applications that can be built only on Solana. Chainlink is now the most robust and comprehensive oracle network on the Solana blockchain, and we anticipate its role in the Solana ecosystem to expand as we integrate more price feeds and additional off-chain services.”
Anatoly Yakovenko, co-founder of Solana, said: “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain. Solana’s high-speed blockchain can deliver high-frequency pricing data to dapps, enabling developers to build new DeFi dapps and products.”
At the time of introduction, a number of well-known Solana-based DeFi projects have indicated that they would be implementing Chainlink. These projects include yield aggregation applications Francium and Tulip, the borrowing network Apricot Finance, the stablecoin UPFI, and others.
Yaniv Hou, co-founder and tech lead at Apricot Finance, added: “We chose to underpin our lending activity with Chainlink Price Feeds because of their unmatched security and proven performance. Now, Apricot can push the frontier of DeFi innovation on Solana while supported by the most secure, reliable, and time-tested market data solution available.”
