Chainlink, a blockchain-based oracle platform, has announced the availability of its price feeds on the Solana network.The feeds may now be used by decentralized finance (DeFi) developers in their decentralized applications (DApps).
The blockchain oracle service, announced Monday, said that seven price sources will be accessible to Solana developers after launch, including BTC/USD, ETH/USD and USDC/USD. Later on, more Chainlink oracles and price feeds will be added to the platform.
The Chainlink integration will, according to Anatoly Yakovenko, co-founder of Solana, assist developers who are building DeFi-based DApps on the platform.
Sergey Nazarov, the co-founder of Chainlink, had a similar reaction. Sergey Nazarov, said the company is working on a robust oracle network and that the team is anticipating its role in Solana. “This is a major leap forward for DeFi,” he said of the integration.
Chainlink integration has prompted Solana-based ventures to commit to using the price feeds for their goods. They’ll be used by a variety of financial institutions, including yield aggregators Francium and Tulip, as well as lending protocol Apricot Finance.
LaProp integrated Chainlink in May to power its real-estate platform, which enables investors to acquire tokenized shares of rental properties. Rental payments will be automated and dispersed to tokenholders via Chainlink’s features.
Meanwhile, amid the Terra market fiasco, DeFi protocols reported losses from exploits caused by a price feed discrepancy in the Luna Classic (LUNC) oracle, which was halted. However, one resident claims that the damage is caused by the protocols’ side’s negligence.