Chainlink launches price feeds on Solana to provide data to DeFi developers

#defi #defidevelopment

Isabella Jacob Jun 17 2022 · 1 min read
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Chainlink launches price feeds on solana to provide data to defi developers

Solana co-founder Anatoly Yakovenko stated that the integration will be profitable for DeFi developers to build on the platform.

Blockchain oracle platform Chainlink has proclaimed the launch of its price sustains on the Solana blockchain network. The inclusion permits decentralized finance (DeFi) innovators to use the feeds within their DeFi decentralized applications (DApps).

The blockchain oracle platform states that upon launch, seven price feeds will be accessible to Solana developers, involving BTC/USD, ETH/USD, and USDC/USD. At the later phases of the integration, more Chainlink oracle services and price feeds will be made convenient.

Anatoly Yakovenko, the co-founder of Solana, accepts the integration of Chainlink will help developers build DeFi-based Decentralized Applications on Solana. “Chainlink’s launch on Solana will offer DeFi developers access to the most widely used oracles in blockchain,” he stated.

Sergey Nazarov - Co-Founder of Chainlink, also voiced his excitation over the integration. Nazarov stated that Chainlink has a complete oracle network and that its team is expecting its role in the Solana ecosystem. He explained the integration as “a major leap ahead” for DeFi.

As soon as Chainlink gets incorporated, Solana-based projects have committed to utilizing the price feeds for their products. Yield aggregators Francium and Tulip and lending protocol Apricot Finance are between those that will operate them.

Earlier in May, LaProp integrated Chainlink to power its real-estate platform, which allows investors to purchase tokenized shares of rental assets. Through Chainlink’s processes, rental payments will be automated and allocated to token holders within the platform.

At the same time, amid the Terra market fiasco, DeFi protocols noted losses from exploits ensuing from a price feed disparity within the Luna Classic (LUNC) oracle as Chainlink halted the LUNA price feed. Yet, a member of the community, considers that the losses are due to delinquency from the protocols’ side.

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