Hello to all Chainlink community members and everyone interested in the Chainlink’s progressive decentralized oracle solution!
Taking into account the great number of integrations with Chainlink no wonder it is considered as an extremely secure and reliable decentralized oracle solution!
Chainlink currently provides decentralization at both the oracle and data source level. By using multiple independent Chainlink nodes, the user can protect against one oracle being a single point of failure. Similarly, using multiple data sources for sourcing market prices, the user can protect against one data source being a single source of truth. Chainlink has a growing pool of 30 independent, Sybil Resistant, and security reviewed node operators run by leading blockchain DevOps and security teams. Moreover it has a very expansive ecosystem of over 120+ projects, representing multiple different blockchains and large enterprises. It currently has 29 Data Feeds for DeFi (Price Reference Contracts) used by many top Ethereum Dapps. Each node draws market data from a pool of seven different highly regarded data aggregator APIs.
Moving on to the recent Chainlink integrations!
Kava integrates Chainlink as its official oracle network to bring DeFi to Cosmos. Integrating Chainlink’s world-class oracles strengthen the Kava DeFi platform with secure price data, now made available for the first time to all Cosmos chains.
Fantom integrates Chainlink as its official oracle solution and price feed mechanism for the FTM token. Chainlink will provide the Fantom ecosystem with secure and reliable market prices, such as Fantom-specific Price Reference Data Contracts, as well as real-time access to high-quality credentialed API data via Chainlink external adaptors.
Moreover, Chainlink forms partnership with Celsius Network to create superior financial platform through decentralization. Celsius will use and support Chainlink’s Price Reference Data to calculate interest payment amounts to users in a more decentralized, transparent and highly secure approach, creating a smart contract audit trail of its lending operations.
Solana plans to make Chainlink the oracle solution for both this initiative and the standard across all their Dapps. Solana Dapps will get secure access to all the inputs and outputs they need, while avoiding the major pitfalls with trying to deploy self-made oracles, such as long time delays, additional expenses, and even fatal security flaws.
Bidao, a decentralized stablecoin built on Binance Chain, integrates with Chainlink to support different cryptocurrencies as collateral for its stablecoin. Bidao will use and support the ETH/USD, BTC/USD and LINK/USD price reference data contract already running live on mainnet.
Last but not least! WAX will use Chainlink to obtain market data for DeFi products, source real-world events for next-generation NFTs, and communicate cross-chain to other key ecosystems such as Ethereum.
Keep on reading to find out about the latest live streams and other virtual meetups!
More news to follow! Stay in the loop!
Development
Github metrics:
Developer activity (from Coinlib.io):
Social encounters
Aave and Chainlink Video AMA with Stani Kulechov
This live-stream AMA features Aave CEO Stani Kulechov discussing their Chainlink decentralized oracle integration along with Aave’s unique approach to De-FI and future roadmap.
Aave is an Open Source and Non-Custodial protocol to earn interest on deposits & borrow assets.
Learn more about Aave here:
Website https://aave.com/
Kava and Chainlink: An AMA Recap
On Wednesday, April 1st at 10 AM PST / 1 PM EST the two CEOs of Chainlink and Kava met for a panel discussion about their future partnership. Participants in the panel discussion included Chainlink — Sergey Nazarov Co-founder and Rory Piant Director of Community and on the Kava side — Brian Kerr CEO and Sarah Austin Sr. Content Manager.
Highlights of the conversation:
Kava selected Chainlink to be its official Oracle provider and to use Chainlink price reference data to maintain the $USDX stablecoin’s peg to the US Dollar.
Kava is working to connect Chainlink, a network of decentralized Oracles, to the entire Cosmos blockchain.
Sergey Nazarov said:
“From building Chainlink early on we decided to approach the hard version of the Oracle problem, not the easy one. Kava cares about the solution to the hard portion of the Oracle problem that provides real security and access to high quality data. For example, we don’t pull data from exchange APIs, we only pull data from the data aggregators. We rely on the very competent, relatively large community of high quality data aggregators who have 10, 15, 20 person teams. Even though on our team we have 10, 15, 20 years of data experience, these teams have people from Reuters and Bloomberg and many of them actually feed cryptocurrency price data into Bloomberg and Reuters because their data business is actually a very large resale business there. An Oracle mechanism is actually different than a blockchain. Sometimes when people approach making Oracles they’re like let’s take the blockchain concepts and apply them to Oracles and we’ll be just fine. Yet the Oracles are actually in a different problem category where you’re trying to make systems that can’t be relied upon in the same system that a smart-contract or blockchain can.”
Brian Kerr explained why they chose Chainlink out of all the other Oracle solutions. He pointed out the following:
“…then once we talked with the Chainlink team we designed this solution set to bring the Chainlink Oracle’s onto the Kava blockchain to have them post prices there. It was when we realized — well shoot — we can enable this to all cosmos-based blockchain with IBC and all the bridges we’re building to other blockchains. We’re building a bridge to a Binance chain right now. Kava can become the hub where we have the data. We have blocks that go very very fast so we can have very frequent updates of that data and now (with Kava) we can spread that data to all of these other blockchains that exist within the Cosmos ecosystem. Things like Binance chain which has a huge amount value and a lot of assets on it, there’s a number of other blockchains, even OKEx is building their chain now on the Cosmos-SDK as well as the Cosmos Hub (ATOM)”
Kava and Chainlink Video AMA featuring Chainlink Co-Founder Sergey Nazarov and Kava CEO Brian Kerr.
Learn more about Kava:
Website https://www.kava.io/
Twitter https://twitter.com/kava_labs
Telegram https://t.me/kavalabs
Medium https://medium.com/kava-labs
DMM and Chainlink Video Q&A
Join Chainlink and the DeFi Money Market (DMM) team discussing the integration along with DMM’s unique approach to DeFi.
DeFi Money Market (DMM) is building a vibrant global community to provide a decentralized, transparent and permissionless environment to empower all citizens to once again earn interest on their currency backed by real-world assets represented on-chain.
Learn more about DeFi Money Market (DMM)
Website https://defimoneymarket.com/
Chainlink and Ampleforth Virtual Meetup and Q&A: Defi Needs Better Primitives
This virtual meetup features the founders of Ampleforth, Evan Kuo and Brandon Iles, who will be speaking about:
1) The limitations presented by the abnormally high correlations seen in today’s decentralized collateral assets
2) Ampleforth’s solutions and protocols
3) Their use of Chainlink to minimize the risk of an oracle attack and manipulation
Learn more about Ampleforth here:
Website https://www.ampleforth.org/
Related news:
Finance
Token holders and the number of transactions (information from Etherscan.io):
Chainlink Price Reference Data for DeFi
The DeFi ecosystem now has access to the largest collection of on-chain market data in the entire existence of building open financial products on Ethereum.
Use the new Chainlink Price Reference Data For DeFi to explore and gain access to this growing list of cryptocurrency, fiat currency, and commodity prices available on-chain and secured by Chainlink’s decentralized oracle networks.
Collectively, these decentralized oracle networks secure over 100M USD in value for a variety of leading DeFi products across numerous financial markets, such as ETH/USD, BTC/USD, XAG/USD, MKR/ETH, and more.
Chainlink’s Price Reference Data oracle networks vastly expand the amount of secure and reliable data accessible to Ethereum Dapps, greatly accelerating the rate at which new DeFi products can be successfully launched. Chainlink Decentralized Oracle Networks for Price Reference Data are a shared community resource supported by its users, who pay less for using these oracle networks than it would take for them to broadcast the same data individually, while benefiting from a significant increase in the security created by the decentralization of oracle networks.
The Need for Chainlink Reference Data
DeFi requires constant access to real-time market data, especially prices, to reliably execute the logic underpinning applications. For instance, money (Ampleforth), derivatives (Synthetix), lending (Aave), and decentralized exchange (Loopring) protocols are all examples of applications that need to quickly know the price of certain assets before performing a core on-chain function.
Even if the contract logic is composed of high-quality code, the outputs of the smart contract are fully dependent on the quality of the inputs received. This means that securing accurate market data is as crucial to the security of decentralized finance as the underlying smart contract itself.
While a few Dapps can operate solely using on-chain data, conservatively, 90+% of DeFi applications need a steady connection to off-chain data to function in a trusted, robust, and economically sustainable manner. Most price discovery happens outside of blockchain networks (off-chain), such as on major exchanges, and prices vary across these platforms. As a result, obtaining the most reliable price for an asset requires aggregation from multiple off-chain data sources.
The Underlying Design of Oracle Reference Data Networks
Chainlink’s decentralized oracle networks are composed of security-reviewed, Sybil-resistant, and fully independent nodes. These nodes are run by leading blockchain DevOps and security teams, many of which have extensive experience running POS nodes that secure millions of dollars in value across multiple blockchain networks.
Every time there is a request for an on-chain price update, each node in the network is tasked with retrieving and submitting the current price. The responses are then aggregated together off-chain and pushed on-chain as a single price update. Incorporating decentralization at the node level ensures high availability for all Chainlink-powered price reference data oracle networks.
They also maintain data quality via redundancy, by having each node retrieve the price from an API such as CoinMarketCap, CoinGecko, etc., which aggregates data from many sources. Currently, there are seven data aggregators being used on most networks. Thus, the on-chain price update is a cumulative aggregation of individual nodes that retrieved the price from a trusted data aggregator. This ensures that DeFi applications constantly interact with high-quality market data.
Supporting projects can call these reference contracts to access up-to-date price feeds that trigger the execution of core product functions. The on-chain updates can be programmed to occur based on time (hourly, daily, etc.), price deviation (such as every 1% change in price), or a customized combination adapted to the specific user’s needs.
Roadmap
The team does not publish a roadmap but you can follow progress on Pivotal Tracker and Github.
Partnerships and team members
Chainlink’s Partners, Clients, and Integrations
Fantom Integrates Chainlink as its Official Oracle Solution and Price Feed Mechanism for the FTM Token
What are the main benefits of the collab?
The goal of the partnership is to build scalable DeFi products to support a robust financial system on Fantom, including the creation of decentralized stablecoins for market stability, lending protocols for credit expansion, synthetic assets for hedging strategies, and more.
The Fantom Foundation will be using and supporting an FTM/USD Price Reference Contract that will be used to compute the price of FTM in USD on the Opera mainnet. This allows users to easily calculate and budget network usage in currencies they are more accustomed to.
Chainlink will provide the Fantom ecosystem with secure and reliable market prices, such as Fantom-specific Price Reference Data Contracts, as well as real-time access to high-quality credentialed API data via Chainlink external adaptors.
With Chainlink, Dapps on Fantom can unlock the highest quality data APIs, as premium datasets require credentialed/password-protected access. This brings important Sybil resistance to key data sources and increases both the quality and reliability as credentialed data are better maintained and run by professional data procurement companies.
Having Chainlink as the official oracle integrated as the default solution within Fantom will ensure that all data feeds supplied to Dapps on the Opera chain are highly secure, reliable, and performant. Being able to construct highly secure, scalable data-driven smart contracts on the Opera chain adds tremendous functionality to the Fantom ecosystem and vastly accelerates the number of use-cases available to developers.
The Chainlink and Fantom teams will be working closely together, aiming to extend the range of DeFi use-cases that can be accommodated on-chain.
Learn more about The Fantom Foundation by visiting their official website and Official Github
Celsius Network and Chainlink Form Long Term Partnership to Create Superior Financial Platform through Decentralization
Celsius Network is the industry-leading cryptocurrency interest income platform with more than $600MM in assets. This deep partnership enables Celsius to move towards a new level of security and reliability using Chainlink’s unique approach to decentralization.
Chainlink will use Celsius’ highly secure and innovative treasury management solution for its BTC and ETH cryptocurrencies. This allows Chainlink to benefit from the crypto rewards available through the Celsius interest income platform.
Celsius and Chainlink aim to disrupt the current financial infrastructure by leveraging decentralized services that serve consumers’ best interests. To facilitate Celsius’s very important move towards decentralization, Celsius will use and support Chainlink’s Price Reference Data to calculate interest payment amounts to users in a more decentralized, transparent and highly secure approach, creating a smart contract audit trail of its lending operations. This will ensure that all Celsius interest payments are now relying on the increased security of a highly decentralized network of independent, security reviewed, and Sybil resistant Chainlink nodes.
Chainlink and Solana Integration
Solana is a high-throughput blockchain that is currently supporting 50–65k transactions per second and 400ms block times, without complex solutions like sharding or layer-two.
Solana plans to make Chainlink the oracle solution for both this initiative and the standard across all their Dapps. Solana Dapps will get secure access to all the inputs and outputs they need, while avoiding the major pitfalls with trying to deploy self-made oracles, such as long time delays, additional expenses, and even fatal security flaws. Backed by Chainlink’s tamper-proof inputs and outputs, Solana can bring immense value to the DeFi market via high-performance binary options without having to worry about ongoing security risks.
Solana couples the Chainlink oracle with a non-sharded, low-latency, high-capacity replicated state machine. They can help with the oracle and marketplace problem by offering more block producers per second, more traders per second, and more price feeds per second.
Solana has announced the Solana Accelerator and is encouraging developers to build decentralized finance products of all types using this integration. The accelerator is looking for high-quality, experienced teams to offer office space, fundraising support, grants, and mentorship.
Please, visit Solana website to learn more about the blockchain
Bidao Integrates With Chainlink To Support Different Cryptocurrencies As Collateral For The Bidao Stablecoin
Bidao is a decentralized stablecoin built on Binance Chain. In the initial iteration, Bidao will use and support the ETH/USD, BTC/USD and LINK/USD price reference data contract already running live on mainnet. This will allow them to expand the different types of collateral users can choose when taking out collateralized debt positions (CDP) via the Bidao protocol. This Price Reference Contracts guarantee that the pricing mechanism used in the Bidao ecosystem is highly decentralized, secure, and reliable to keep up with network demand.
In the initial deployment, Bidao will be completely integrated with Binance Chain and BNB will be used as the collateral backing CDPs. In the future, we aim to be a blockchain agnostic DeFi application and therefore will integrate other blockchains into the Bidao ecosystem.
WAX to Use Chainlink Oracles to Bring Off-Chain Data and Resources to the WAX and EOSIO Ecosystem
WAX will use Chainlink to obtain market data for DeFi products, source real-world events for next-generation NFTs, and communicate cross-chain to other key ecosystems such as Ethereum.
By building support for WAX, Chainlink becomes accessible to EOSIO-based chains for minimal cost, as all EOSIO chains utilize the same smart contract language and are architected virtually identical to one another. This will Chainlink the standard oracle solution used exclusively by WAX and all other dApps in the EOSIO ecosystem.
With this partnership, the entire WAX ecosystem gets secure access to a variety of off-chain resources, such as random number generation, token prices, sports events, IoT data, interoperability with other chains, existing payment systems, enterprise backends, and much more. This helps dApps avoid the major pitfalls with trying to deploy their own oracles, such as excessive delays, extra expenses, and even fatal security flaws.
More inf on the integration is here
Kava Integrates Chainlink as its Official Oracle Network to Bring DeFi to Cosmos
Integrating Chainlink’s world-class oracles strengthen the Kava DeFi platform with secure price data, now made available for the first time to all Cosmos chains. Kava’s scalability combined with Chainlink’s oracles provide the Cosmos ecosystem with the highest-quality data to make secure, truly reliable Decentralized Financial Products.
Maintaining the security of Kava’s USDX stable currency is the critical first step in Kava’s evolution into the most reliable DeFi platform. Chainlink provides their USDX with a battle tested oracle that is resistant to various attack vectors.
This integration is the first-ever Cosmos-SDK implementation of Chainlink. Chainlink nodes will run and secure data directly on the Kava blockchain. Since Kava’s blockchain is built using Tendermint, Tendermint-based blockchains within the Cosmos ecosystem (Terra, Cosmos Hub, Agoric, Aragon, and others) will now be able to retrieve market data such as cryptocurrency, FX, and commodity prices from Chainlink’s decentralized oracle network posted on Kava. This makes Kava the trustworthy bridge between these two ecosystems for accessing secure and reliable Chainlink oracle data. Additionally, Kava will build a cross-chain bridge to enable LINK (an ERC-20 token) to be used natively as payment and staking collateral for oracle services through Kava.
The Chainlink network enables nodes to call data from credentialed APIs via their external adaptors.
All Chainlink nodes supplying data to Kava have been through a rigorous security review process, many of them also making up Kava’s own core node operators. The ability to overlap high quality node operators with Chainlink greatly reduces the attack surface area of the oracle mechanism relied on by Kava.
Chainlink can not only provide large security guarantees now, but can also scale the number of nodes used to provide data to Kava as the need for greater decentralization increases.
Chainlink’s work on TownCrier is well known to have created the first and most widely used Trusted Execution Environment based oracle mechanism. Chainlink’s additional capabilities created by TEEs, such as TEE based TLS verification, can create even greater assurances to data’s origin.
Read the whole article to find out more about the integration
Other
Social media metrics
Social media activity:
The graph above illustrates changes in the number of Chainlink Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.
This report is not financial advice.
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