Popular blockchain platform AVA Labs plans to build the first-ever Internet of Finance with the help of Chainlink.
AVA Labs have disclosed plans to integrate Chainlink price data oracles. According to reports, Chainlink’s price data oracles are expected to stimulate the “next generation of finance applications”. While also ensuring the smooth transition of conventional financial assets and applications onto the AVA network.
According to the official announcement, a very important aspect for AVA is to ensure developers can easily “build without limits” on its network. To facilitate this it needs to employ a “best-in-class tech” oracle that is safe, precise, and trusted. Hence, its integration of Chainlink price and data oracle.
Chainlink data oracle on AVA
It is important to note that the AVA network is a scalable Ethereum Virtual Machine (EVM) chain. The introduction of the Chainlink oracle on AVA network will, therefore, ensure it is in sync with most Ethereum network tools. These include MetaMask, Web3, Remix, Truffle Suite, and Embark Platform. AVA Web3 developers will have access to Chainlink price data on-chain and in real-time.
Chainlink’s Price Data oracle is a compilation of several decentralized oracle networks. It is designed with more than 30 different DeFi price feeds for a wide variety of assets. These include cryptocurrencies, fiat, commodities, indices, etc. They make use of Sybil resistant node operators, which in turn harvests data from top-notch data aggregators. Price data oracles are crucial to the design and effectiveness of smart contracts.
Open-source platform AVA, on the other hand, focuses on ensuring an enabling environment for the smooth launch of DeFi applications. It is an interoperable and highly scalable ecosystem. Developers enjoy total control on both the “network and application layers”. This makes it possible for developers to build powerful, credible, and safe applications.
More on the integration
The integration of the Chainlink oracle is a plus for the entire AVA Labs ecosystem. According to an official blog post, the integration broadens the tools available to developers on AVA. Better liquidations, computation of spike prices, etc are all advantages of Chainlink oracle integration.
With the integration, AVA can now accept conventional assets on its platform. In addition, they can reduce the time spent in building DeFi applications.
The announcement further revealed that the entire AVA team is pleased by the introduction of Chainlink Oracle feeds. They added that we “are eager to see the next generation of DeFi assets brought to life”. They envision finally being able to match the performance of traditional finance. This would naturally be alongside the added perks of security and reliability introduced by blockchain technology.
Chainlink has been in the limelight in recent times for all the right reasons. It is well-known for providing its oracles to tech giants like Google, Oracle, and SWIFT. Its data oracles were also recently deployed by Digitex, Contentos, Tezos, Celsius, and even Solana.