The addition of Chainlink Price Feeds to the Avalanche mainnet will increase the quality of DeFi apps that can be built on the popular platform. Secure price reference data from a variety of asset types is provided via the feeds. Price-sensitive derivatives markets, low-cost loan applications, and high-throughput trading methods are some of the new choices accessible.
Protofire, an Avalanche validator who was given a Chainlink Community Grant to adapt, test, and incorporate Chainlink oracles directly into the Avalanche mainnet, deserves credit for the development workshop.
According to the firms, more feeds will be introduced in the future to fulfill demand. They noted that the Chainlink data has shown to be accurate and immune to API outages, flash crash outliers, and flash loan assaults.
“Chainlink has set the standard for oracles and data across blockchains and decentralized applications,” says Emin Gün Sirer, founder and CEO of Ava Labs. “DeFi is already flourishing on Avalanche, but Chainlink’s data will unlock an enormous amount of development across the community and expand Avalanche’s edge as the most technically advanced platform in crypto.”
Chainlink Price Feeds may be used by developers to determine collateralization ratios, mint fair market loans, create exchange rates, price synthetic assets, rebase algorithmic stablecoins, and activate automated trading strategies on the blockchain. BENQI and BIFROST, for example, are already utilizing Chainlink to deploy their DeFi apps on Avalanche.
“The launch of Chainlink on Avalanche is a watershed moment which we believe will spark the explosion of DeFi activity on the network,” BENQI cofounder Dexter Lee said. “We are excited to integrate Chainlink Price Feeds to maximize the tamper-resistance of BENQI, giving us confidence in the security and health of our protocol.”
BIFROST CEO Dohyun Pak stated, “Chainlink enables BiFrost to accomplish end-to-end decentralization, which is important for DeFi protocols.” “The BiFrost protocol guarantees it has access to the most trustworthy, decentralized, and best quality data by combining Chainlink Price Feeds on both Ethereum and BSC. The Avalanche expansion by Chainlink is excellent news for the DeFi community, and it will help protect the BiFrost platform as it expands to fulfill demand for a multichain ecosystem.”