Chainlink Brings Price Feed Data to Solana for Defi Support

Chainlink will provide live price data on Solana for Bitcoin, Ethereum, and USDC, with more cryptocurrencies to come.

Chainlink Brings Price Feed Data to Solana for Defi Support

Chainlink, a blockchain oracle platform, recently announced that its price feed technology has launched on the Solana network. This information will help Solana defi developers to use live price information for various financial services.

  • The Oracle Platform has announced that seven pricing feeds will be available to Solana developers. These include BTC/USD, ETH/USD, and USDC/USD. More price feeds will be available in later stages of the integration.
  • Multiple projects have already committed to using Chainlink tools, including lending protocol Apricot Finance and yield farming aggregators Francium and Tulip.
  • Solana co-founder Anatoly Yakovenko believes the integration will be of great help to Solana dapp developers: “Launching Chainlink on Solana will give defi developers access to the most widely used oracles on the blockchain,” he said.
  • An “oracle” is an entity that links blockchain-based applications with external systems, providing real-world data. Chainalysis, for example, provides an oracle for smart contracts to identify sanctioned blockchain addresses.
  • Price oracles are useful defi tools as they help determine the appropriate lending and collateral rates between different cryptocurrencies.
  • A defi protocol was recently exploited on Terra Classic because its price oracle was reporting incorrect data for LUNC. This allowed the exploiter to seize $2 million in funds despite posting a minimum guarantee in the system.
  • Chainlink’s oracle was associated with some of the exploited dapps, but the bug was believed to be a protocol-side bug.
  • Oracle platform co-founder Sergey Nazarov was enthusiastic about the integration, calling it a “huge leap forward” for the defi industry. His team is anticipating his role within the Solana ecosystem, taking note of Chainlink’s deep network of oracles.

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