Chainlink’s price feed oracles are now live on the Ethereum-like Fantom Network.
Price oracles are decentralized systems that help decentralized finance (DeFi) platforms to receive real-world data such as prices of various cryptocurrencies. DeFi is a series of financial applications that replicate those in the traditional financial world, like lending and borrowing. Unlike banks, though, DeFi replaces centralized companies with lines of code.
And thanks to the latest integration with Chainlink, “Fantom developers now have the ability to rapidly develop and expand their DeFi products and services while users receive best-in-class security, reliability, and usability,” said Michael Kong, CEO of Fantom.
According to a press release shared with Decrypt today, the integration was the result of a grant awarded to blockchain development shop block42 via the Chainlink Community Grant Program.
Among other things, Fantom developers will be able to use Chainlink oracles to better peg algorithmic stablecoins, settle futures and options contracts, determine accurate staking rewards, and calculate collateralization ratios in lending and borrowing protocols.
Initially, the new feature will support price feeds for trading pairs such as AAVE/USD, BNB/USD, BTC/USD, CREAM/USD, DAI/USD, ETH/USD, FTM/USD, LINK/USD, SNX/USD, SUSHI/USD, USDC/USD, and USDT/USD.
Recently, Chainlink co-founder Sergey Nazarov also explained to Decrypt how the company’s Cross-Chain Interoperability Protocol aims to become a “new global standard for decentralized inter-blockchain messaging, data, and token movements.”
Editor's note: This article has been updated to show that Nazarov is Chainlink's co-founder, not its CEO.