Chainlink (LINK) price feeds are now live on Avalanche
The decentralized oracle network has been onboarded to the growing Avalanche blockchain ecosystem.
Chainlink ‘Price Feeds’ are now live on the Avalanche (AVAX) mainnet, bringing price reference data to protocol developers across a variety of asset classes, as per a release shared with CryptoSlate today.
Chainlink price feeds arrive on Avalanche
Chainlink’s Price Feeds empower smart contract developers to build advanced DeFi applications on the burgeoning Avalanche, such as price-sensitive derivatives markets, low-cost lending applications, high-throughput trading strategies, and other financial applications.
Chainlink is live on Avalanche Mainnet! Build smart contracts utilizing @Chainlink-powered decentralized oracle networks, to create highly scalable, low-cost dapps with strong security, reliability, and data quality. https://t.co/L11Drv37ps
— Avalanche (@avalancheavax) July 21, 2021
The move to Avalanche was made possible via a Chainlink Community Grant awarded to Protofire — a leading development workshop and Avalanche validator — who adapted, tested, and implemented Chainlink oracles natively into the Avalanche mainnet.
As a result, numerous Chainlink Price Feeds are now available on Avalanche mainnet, with plans to continually roll out new ones to meet ecosystem demand.
“Chainlink has set the standard for oracles and data across blockchains and decentralized applications,” says Emin Gün Sirer, founder and CEO of Ava Labs, in this regard.
He added, “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 technologically advanced platform in crypto.”
Developers start running the gears
DeFi developers on Avalanche can start testing and building with Chainlink Price Feeds using this documentation. Key on-chain functions can now be performed, including but not limited to, calculating collateralization ratios, minting fair market loans, setting exchange rates, pricing synthetic assets, rebasing algorithmic stablecoins, and triggering automated trading strategies.
Meanwhile, some Avalanche teams are already launching their DeFi applications on the protocol using Chainlink, such as the multichain ‘middleware’ app BiFrost. “By integrating Chainlink Price Feeds on both Ethereum and BSC, the BiFrost protocol ensures it has access to the most reliable, decentralized, and highest quality data,” said Dohyun Pak, CEO of BiFrost.
He added, “Chainlinks’ Avalanche expansion is exciting news for the greater DeFi space and will help secure the BiFrost platform as it scales to meet the demand for a multichain ecosystem.”