Avalanche blockchain developers have added support for Chainlink decentralized oracles to grow the ecosystem of DeFi projects on the web.
Chainlink oracles have been successfully integrated on the mainnet, according to the Avalanche developers. According to Ava Labs President John Wu, the addition of Chainlink data feeds to Avalanche is driving the development of the DeFi ecosystem on the blockchain.
Smart contracts that use external data such as price streams are supporting the growing DeFi economy – leveraged by lending apps, decentralized exchanges, and other protocols.
Ava Labs launched the Avalanche mainnet in September 2020. The project intends to outperform Ethereum 2.0 due to the higher throughput and shorter time it takes for nodes to validate transactions.
“Now 225 projects are working on the Avalanche blockchain. Many of them are still at the integration stage, their developers are waiting for the activation of various functionality, for example, oracles from Chainlink, “said John W.” Some large stablecoins are also planning to support the blockchain. This is why we are so excited. ”
In May, Tether CTO Paolo Ardoino announced that the company plans to launch USDT stablecoin on the Avalanche blockchain. According to Chainlink co-founder Sergei Nazarov, historically DeFi and decentralized oracles emerged around the same time.
“This is not a coincidence,” Nazarov said. “DeFi apps can’t run without external data. DeFi protocols use “hybrid smart contracts” that combine intranet code and systems outside the network. ”
Chainlink, a network of decentralized oracles, is a set of services that provide cryptoasset prices and other data streams for running various applications on the blockchain.
In the spring, the Filecoin storage project developers also integrated the Chainlink network of decentralized oracles to link to Ethereum and other smart contract-enabled blockchains.