Tron’s DeFi ecosystem set for a boost with Chainlink collaboration News ▸ Chainlink · TRON ▸ Technology
Tron’s DeFi ecosystem set for a boost with Chainlink collaboration
Chainlink Oracle adoption empowers Tron's $60 billion stablecoin sector with secure, decentralized data feeds.
2 min read
Updated: Oct. 31, 2024 at 11:11 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tron founder Justin Sun said the blockchain’s integration of Chainlink would present significant opportunities for the two networks to grow in the stablecoin and real-world asset sector.
In an Oct. 31 post on X, Sun stated:
“[Tron] has joined Chainlink Scale, adopting Chainlink Data Feeds as TRON’s official oracle. Once upgraded, $6.5B+ in DeFi TVL will be secured by Chainlink, creating opportunities for Chainlink and TRON’s $60B+ in stablecoins and RWA!”
Through the Chainlink Scale Program, Tron aims to expand its ecosystem by leveraging Chainlink’s reliable Oracle services.
To support this integration, Tron will initially cover certain Chainlink Oracle operating costs, such as transaction gas fees. Over time, these costs will gradually shift to dApp users.
This transition means that Tron will soon phase out its existing Oracle solution, WINkLink, in favor of Chainlink’s Data Feeds.
Chainlink’s data feed is an essential blockchain tool that connects smart contracts and real-world data, like asset prices. The Oracle network ensures reliable data delivery by gathering information from various sources through a decentralized network of independent node operators.
Several DeFi applications across different blockchain networks, including Ethereum, rely on this price feed to ensure smooth operations of their services.
The shift means that Tron’s flagship DeFi platforms, including JustLend and JustStable, holding around $6.5 billion in total value locked (TVL), can access reliable pricing data through Chainlink’s platform.
Thodoris Karakostas, Head of Blockchain at Chainlink Labs, emphasized the role of Data Feeds in fortifying Tron’s DeFi economy. He remarked:
“By delivering highly reliable, accurate, and decentralized market data onchain, Chainlink will further empower TRON ecosystem developers to build next-gen DeFi applications and advance the decentralized internet.”
Sam Elfarra, a spokesperson for Tron DAO Community, expressed optimism about the program’s impact, stating that it will drive the network’s DeFi sector forward. He highlighted that developers will now gain access to high-quality data oracle solutions to support the network’s ecosystem expansion and adoption goals.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
TRON is one of the largest blockchain-based operating systems.
Chainlink
$23.4907
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Ethereum
$3,485.48
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
TRON DAO
TRON is dedicated to building the infrastructure for a truly decentralized Internet.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.