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Chainlink Price Feeds Now Live on HECO Chain Mainnet

We are excited to announce that Chainlink, an industry-leading oracle network is now integrated into the HECO Chain Mainnet. As a most secure oracle solution for all HECO Chain developers, Chainlink gives developers direct on-chain access to Chainlink Price Feeds, starting with BTC/USD, HT/USD, and ETH/USD to build in the HECO Chain ecosystem.

Chainlink’s secure and reliable price oracles enable the creation of a wide range of DeFi applications on HECO Chain, such as money markets, stablecoins, derivatives, tokenized assets, dynamic NFTs, asset management services, and much more. In addition, as a part of HECO Chain’s secure oracle infrastructure, Chainlink will empower the launch of many more price and data oracle networks in the future, offering catering services to the ecosystem’s growing demand for external data.

Our recommendation on Chainlink for all HECO Chain dApps needing oracles is based on the superior set of guarantees users receive from Chainlink. It gives access to premium datasets, service from professional oracle node operators, and support from decentralized network infrastructure to prevent any single point of failure. Chainlink Price Feeds are also time-tested and battle-hardened on mainnet.

As of now, leading DeFi projects have attracted over $10 billion on-chain assets. Users can receive the highest degree of security and reliability when sourcing financial market data and getting it delivered on-chain for consumption by their dApp.

The Growth of HECO Chain’s DeFi Ecosystem Powered by Chainlink.

HECO Chain is an EVM-compatible public blockchain that provides developers with an efficient and low-cost on-chain environment for running decentralized smart contract applications (dApps) and storing digital assets. HECO Chain uses a Hybrid Proof of Stake (HPOS) consensus mechanism and supports EVM programmability and smart contract compatibility. In the future, HECO Chain will integrate with Ethereum as a Layer-2 solution to bring greater efficiency to the Ethereum network.

To encourage DeFi innovations, the HECO Chain required a secure and reliable source of market prices on a wide variety of assets. Such price data is key for many DeFi functions, such as issuing fair market loans, setting current exchange rates, checking loan collateralization, and much more. After performing our due diligence into various oracle solutions, we found Chainlink to provide the most expansive set of features and best overall oracle computation solution to scale the growth and security of our DeFi ecosystem.

In terms of scalability, Chainlink has an extensive collection of on-chain decentralized price oracles already live in production, leading to quick and easy transition to HECO Chain’s EVM compatible blockchain. Additionally, it has a streamlined framework for a rapid product launching of new decentralized price oracles. Developers can quickly get access to the data they require to continually innovate.

In terms of security, Chainlink provides the highest quality data in the industry, using a collection of premium data aggregators that source price data from across all centralized and decentralized exchanges. This gives HECO Chain dApps with broad market coverage exposure, ensuring they consume a global, volume-adjusted market price with extreme precision, high availability, and tamper-resistance. It also mitigates data manipulation vulnerabilities such as those related to recent flash loan attacks. Additionally, all Chainlink Price Feeds are secured by Sybil-resistant, oracle node operators that passed the security audits and run natively on HECO Chain. Thus, not only do HECO Chain developers receive highly reliable oracle services, but those oracle services can run at the native speeds and costs of HECO Chain without any dependencies on external chains.

Through the combination of external connectivity provided by Chainlink oracles and the high level of smart contract scalability offered by HECO Chain, we foresee unlimited opportunities for developers to build next-generation DeFi products. We’re excited to see what data-driven smart contracts get created on the HECO Chain, both within the DeFi ecosystem and beyond, such as blockchain gaming, insurance, NFTs, and more.

“The launch of Chainlink’s decentralized Price Feeds on the HECO Chain Mainnet is a significant catalyst in enabling the creation of high throughput and low-cost DeFi applications within the HECO Chain ecosystem. Its proven data quality and decentralized oracle infrastructure encourage developers building DeFi applications on HECO Chain using Chainlink Price Feeds, both fortifying the security of their own application and strengthening the HECO Chain ecosystem as a whole.” — Leo Su, Head of HECO Chain.

About Chainlink

Chainlink is a and secure method to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community with hundreds of thousands of members, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, etc.

Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.

Docs | Discord | Reddit | YouTube | Telegram | Events | GitHub | Price Feeds | DeFi | VRF

About HECO

HECO Chain is a decentralized, high-efficiency, and energy-saving public chain, and the first product launched on the HECO Chain Open Platform. On the basis of supporting high-performance transactions, the compatibility of smart contracts is realized. HECO Chain’s native digital asset is HT, which uses the HPOS consensus mechanism.

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