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Saturday, September 24, 2022

Chainlink Launches Price Feeds On Solana

Solana co-founder Anatoly Yakovenko noted that the integration will be beneficial to DeFi developers building on the platform.

Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps). 

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In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD, and USDC/USD. At the later stages of the integration, more Chainlink oracle services and price feeds will be made available.

Anatoly Yakovenko, the co-founder of Solana, believes the Chainlink integration will help developers build DeFi-based DApps on Solana. “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain,” he said.

Chainlink Co-Founder Expresses Excitement

Sergey Nazarov also expressed his excitement over the integration. Nazarov noted that Chainlink has a comprehensive oracle network and that its team is anticipating its role in the Solana ecosystem. He described the integration as “a major leap forward” for DeFi.

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As soon as it gets integrated, Solana-based projects have committed to using the price feeds for their products. Yield aggregators Francium and Tulip and lending protocol Apricot Finance are among those that will use them.

Earlier in May, LaProp integrated Chainlink to power its real-estate platform, which lets investors purchase tokenized shares of rental properties. Through its functions, rental payments will be automated and distributed to token holders within the platform.

Meanwhile, amid the Terra market fiasco, DeFi protocols reported losses from exploits resulting from a price feed discrepancy within the Luna Classic (LUNC) oracle as it paused the LUNA price feed. However, a community member believes that the losses are due to negligence from the protocols’ side.

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