Chainlink Integration Aims to Boost DeFi Development in Avalanche
Chainlink Integration Aims to Boost DeFi Development in Avalanche By Editor DailyBitcoin Editor

More than 225 projects that are based on Avalanche

are awaiting pricing, Ava Labs President John Wu said.


Avalanche, an alternative to Ethereum, incorporated data feeds from Chainlink, the market-leading Blockchain


Smart contracts with piped external data, such as prices, are driving a growing decentralized finance (DeFi) economy of lending applications, decentralized exchanges, and price-sensitive derivatives markets.

These types of decentralized applications (dApps) are being built on the high-performance Avalanche platform that went live in September 2020. Avalanche is similar in some ways to other base-layer blockchains like Solana and Binance Smart Chain, butwith a novel consensus system and improved compatibility with Ethereum-based

smart contracts.

Adding Chainlink data sources to the mix will kickstart a DeFi ecosystem on Avalanche, said Ava Labs

president John Wu.

“There are more than 225 projects that are based on the Avalanche ecosystem, many of them in integration mode, waiting for some functionality like Chainlinkoracles,” Wu told CoinDesk in an interview. “Some big stable coins are also about to drop. That’s why we’re so excited.”

Historically, DeFi and Blockchain south oracles.

They came at roughly the same time, said Chainlink co-founder Sergey Nazarov.

“That’s not a coincidence,” Nazarov told CoinDesk in an interview. “The dynamic around DeFi is that you can’t really build it without external data. DeFi is what we call ‘a hybrid smart contract,’ in the sense that it combines on-chain code and off-chain systems.”

The network Chainlink is really a collection of many services that provide various specific data inputs, Nazarov said, where price data informs DeFi, random number generation allows for gaming, weather data opens up other use cases, etc.

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“The industry was all about this smart contract for tokens. Then it moved to tokens plus voting, and then to tokens and voting using external data,” Nazarov said, adding:

“So tokens are like the unencrypted email of our industry; they’re the beginning. Now we’re opening up the whole universe of what you can build.”

Source: Coindesk

Translated by DiarioBitcoin

Image by Unsplash