Chainlink price feeds will go live on Fantom mainnet 🚨 This article is 3 years old...
Chainlink price feeds will go live on Fantom mainnet
Building with Chainlink on Fantom’s highly scalable, low-cost, and EVM-compatible blockchain enables developers to still get high quality data and decentralized security while achieving high performance and cost efficiency enhancements.
2 min read
Updated: Mar. 11, 2022 at 3:31 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Chainlink Price Feeds are now live on the Fantom Opera mainnet, as per Chainlink developer team Smart Contract in a release to CryptoSlate today. This native integration was made possible by a grant given to block42 through the Chainlink Community Grant Program.
Chainlink to power data feeds on Fantom
DeFi smart contracts on the Fantom mainnet can incorporate these Chainlink-powered decentralized oracle networks for high-quality, tamper-proof, and low latency financial market data feeds. If you are a developer building on Fantom and want to connect your smart contract to Chainlink Price Feeds, please refer to the following documentation: https://docs.chain.link/docs/fantom-price-feeds/.
The initial integration involves the launch of the following Chainlink Price Feeds: AAVE/USD, BNB/USD, BTC/USD, CREAM/USD, DAI/USD, ETH/USD, FTM/USD, LINK/USD, SNX/USD, SUSHI/USD, USDC/USD, and USDT/USD.
Given their historical reliability, high level of security, and optimization for wide market coverage on all price data, we recommend that any Fantom developer needing financial market information consider Chainlink oracles.
Chainlink Price Feeds have proven resilience throughout extreme market volatility and network instability, including during centralized infrastructure outages, flash crashes, and data manipulation attacks.
Why would developers choose this?
Building with Chainlink on Fantom’s highly scalable, low-cost, and EVM-compatible blockchain enables developers to still get high-quality data and decentralized security while achieving high performance and cost-efficiency enhancements.
Developers can use Chainlink Price Feeds to perform a wide variety of DeFi functions on Fantom, including to trigger supply adjustments in algorithmic stablecoins, settle futures and options contracts, determine accurate staking rewards in liquidity pools, calculate collateralization ratios in lending and borrowing protocols, and much more.
The Chainlink price feeds arrive as activity on Fantom DeFi protocols soars. As of mid-August 2021, Total Value Locked (TVL) on Fantom is more than $380M, significantly higher than at the beginning of the year.
Fantom benefits
Users and developers are turning to Fantom to take advantage of 1-second transaction finality and consistently low transaction fees that average to less than a cent, no matter what the volume on the network is.
Fantom’s EVM compatibility makes it easy for developers to port their smart contracts over to Fantom, and for users to access Fantom dApps via well-known wallets like MetaMask.
These factors, along with the liquid staking Fantom offers on its streamlined wallet, are just some of the drivers behind the platform’s growing popularity.
The end result is Fantom and Chainlink empowering a new wave of innovation in the blockchain industry around high-throughput DeFi applications with near-zero transaction fees, one-second finality, and universal connectivity to premium data.
“We’re excited to start a new wave of scalable DeFi development on Fantom with support from the widely adopted Chainlink Price Feeds for high-quality, tamper-proof data at low latencies,” noted Michael Kong, CEO of Fantom.
He added, “Given the extensive collection of Chainlink Price feeds, Fantom developers now have the ability to rapidly develop and expand their DeFi products and services while users receive best-in-class security, reliability, and usability.”
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.