Developers on the Matic Network now have access to Chainlink’s decentralized, secure, and reliable price oracles.
This is definitely great news for the entire Matic Network community. 2020 has been dubbed the year of DeFi due to the unprecedented growth and adoption of DeFi protocols this year. Decentralized applications in general cannot function effectively without reliable real-time price oracle feeds. Hence, Matic Network’s integration of Chainlink’s price oracles.
Henceforth, developers on the Matic Network can easily access top-notch decentralized real-life oracle feeds. Subsequently, making it possible to create a wide range of top decentralized applications (DeFi, gaming, lending, and more). Matic Network furthermore disclosed that it is looking to become the first-ever platform apart from Ethereum to incorporate Chainlink oracles on its mainnet.
According to the official blog post, Matic’s partnership with Chainlink will result in supercharged DeFi.
Matic Network boasts of operating a low fee, high-performance platform for DeFi applications. The platform in recent times has attracted the attention of innovators and developers due to its recent mainnet launch. Last month alone, the blockchain platform has partnered with top industry players, amongst which are Wazirx’s Automated Market Maker (AMM) DEX. Maha DAO, EasyFi’s lending, PlotX’s prediction markets, and OroPocket’s synthetic assets.
These DeFi applications all require real-time data from a secure and reliable oracle platform. Chainlink will provide this off-chain data to the blockchain platform.
More on Chainlink oracles
Chainlink is arguably the most widely used oracle platform in the DeFi industry today. The platform boasts of securing over $3 billion worth of assets for top crypto platforms.
Chainlink stands out in the DeFi space because of several features, namely:
- Ability to link any off-chain data or API to their long-chain counterpart.
- Secure Node Operators due to it’s Sybil resistant node operators.
- Decentralized structure.
- Tested, tried, and reliable platform.
Speaking on the announcement, Anurag Arjun, co-founder of the Matic Network, pointed out that dApp developers on his platform want “easy and dev-friendly access to oracles.” He added that the entire Matic ecosystem is elated by the partnership with Chainlink’s price oracle network. Arjun furthermore reiterated on the platform’s commitment to “providing a rich and seamless developer interface for blockchain programmers.”
Daniel Kochis, the head of business development for Chainlink, said, “We’re excited to empower Matic’s innovative and fast-growing Layer-2 solution by providing them with secure and reliable oracles to power high-throughput, universally connected blockchain applications.”
Since the DeFi space is relatively new, the blockchain platform has plans to tutor interested developers on the rudiments of using Chainlink oracles. The tutorial will take place via a series of workshops.
Matic Network also recently completed its phase 1 staking.