The availability of Chain link Price feeds on the avalanche mainnet will improve the quality of DeFi applications that developers can create on the popular platform. The feeds bring reliable price reference data from several asset classes. Some options now available are price sensitive derivatives markets, low cost loan applications, and high throughput trading strategies.
Credit goes to the development workshop and avalanche validator Protofire, which received a Chainlink Community Grant to natively adapt, test and implement Chainlink oracles in the Avalanche mainnet.
Future plans are to introduce new feeds to meet demand, the companies said. The Chainlink data has proven to be accurate and resistant to API failures, flash crash outliers and flash credit attacks, they added.
“Chainlink set the standard for oracles and data across blockchains and decentralized applications,” says Emin Gun Sirer, Founder and CEO of Ava Labs. “DeFi is already thriving on Avalanche, but Chainlink’s data will enable tremendous development across the community and extend Avalanche’s lead as the most technically advanced platform in the crypto space.”
Developers can use Chainlink price feeds to perform key on-chain functions like calculating collateral ratios, mint fair market loans, setting exchange rates, pricing synthetic assets, rebase algorithmic stablecoins, and triggering automated trading strategies perform. Several teams are already starting their DeFi applications on Avalanche with Chainlink, including BENQI and BIFROST.
“The launch of Chainlink on Avalanche is a tipping point that we believe will trigger the explosion of DeFi activity on the network,” BENQI Co-Founder Dexter Lee called. “We are pleased to integrate Chainlink Price Feeds to maximize BENQI’s tamper protection and to give us confidence in the security and integrity of our protocol.”
“Chainlink enables BiFrost an end-to-end decentralization, which is crucial for DeFi protocols”, says BIFROST CEO Dohyun Pak added. “By integrating Chainlink Price Feeds into both Ethereum and BSC, the BiFrost protocol ensures that it has access to the most reliable, decentralized and high quality data. Chainlink’s Avalanche expansion is exciting news for the larger DeFi space and will help secure the BiFrost platform as it scales to meet the demand for a multi-chain ecosystem. “