Matic Network announces a strategic integration of the Chainlink oracle solution for developers on its platform.
The popular oracle platform, Chainlink, will provide the Ethereum-based layer-2 solution platform, Matic Network, with secure, reliable, and real-time price data oracles. Five different price feeds are now available following the successful deployment of the price oracles. The price feeds include MATIC/USD, ETH/USD, DAI/USD, USDT/USD, and lastly, USDC/USD. According to the official blog post, more price feeds are expected on the platform in the near future. This will, however, depend on an increase in demand on the platform.
Chainlink further confirmed this integration on Twitter.
Ethereum sidechain @MaticNetwork has successfully integrated #Chainlink natively on its mainnet. Chainlink oracles can now be used by Matic's growing #DeFi ecosystem to maintain collateralization, price synthetic assets, settle prediction markets, & more. https://t.co/aFqDInNExo
— Chainlink – Official Channel (@chainlink) November 19, 2020
Chainlink Is the Go-To Oracle Platform
Chainlink is arguably the foremost oracle platform in the blockchain and cryptocurrency space. Many DeFi protocols currently rely on the oracle platform for accurate, real-time, and reliable price feeds. No DeFi protocol or smart contract can successfully function without access to accurate real-life price feeds. This is where the need for a reliable oracle platform comes in. According to reports, Chainlink meets all the requirements of being a reliable price oracle platform. The official blog post disclosed that Chainlink was the most preferred oracle platform for a number of reasons, namely:
- It provides high-quality feeds that are both reliable, decentralized, and secure.
- Chainlink also boasts of Sybil-resistant oracle nodes.
- Its operations are both transparent and trustless; that is, they can easily be monitored.
- The oracle platform nodes also function in real-time, further confirming their accuracy.
Lastly, all the above features put together provide a platform that is transparent, easily accessible, resistant to manipulation, secure, and reliable.
Chainlink and Matic Network dApps
Following the integration, Chainlink currently supports several DeFi projects built on Matic Network, such as EasyFi and PlotX. More Matic-based DeFi projects will be onboarded in the near future. Using Chainlink’s reliable price feeds, these protocols will be able to carry out important DeFi-based functions like lending, swapping, minting, etc.
Interestingly, plans are in place to launch Chainlink Verifiable Random Function (VRF) on Matic Network. This feature will usher in a new batch of gaming dApps that are reliant on trustless randomness. Aavegotochi, a gaming project on the layer-2 platform, has already implemented Chainlink VRF. More scalable gaming dApps on Matic Network will also incorporate Chainlink VRF in the near future.
Apart from providing reliable price feeds and its VRF feature, the oracle platform will also help the layer-2 solution platform to securely connect with any off-chain API. Simply put, this will allow other external blockchain apps to harness Chainlink oracle feeds.
LINK and MATIC Prices
At the time of writing, MATIC was trading at $0.01783782, with a market cap of $84,942,239 and a 24-hour trading volume of $84,942,239. LINK, on the other hand, was trading at $14.09, with a market cap of $5,543,500,424 and a 24-hour trading volume of $1,108,748,967.
Find out more about Chainlink on the Altcoin Buzz YouTube channel.