The ecosystem of leading open-source platforms is witnessing remarkable growth as more decentralized finance (DeFi) applications and enterprise blockchain are launching on the platform.
Avalanche via an official blog post announced the integration of Chainlink Price Feeds; the most widely used decentralized price oracles in DeFi on its testnet.
As a result of the integration, Avalanche developers will now have access to high-quality, tamper-proof price reference data of digital currencies. They will also have access to data of other asset classes such as foreign exchange rates, stablecoins, commodities, amongst others.
Avalanche is described as a “platform of platforms” because it consists of thousands of subnets that form an interoperable network of many blockchains. The platform revealed that the integration was facilitated by a Chainlink Community Grant awarded to Protofire. Protofire is a development workshop and Avalanche validator.
The leading open-source platform also disclosed that after the initial testnet launch, it will also adapt, test, and implement Chainlink Oracles natively into the mainnet.
Furthermore, Chainlink Price Feeds integration can secure key on-chain functions of DeFi smart contracts. This include determining collateralization ratios, triggering liquidations, determining yield and staking rates, establishing fair prices for minting, and for asset swaps.
Notably, the Chainlink Price Feeds currently available on Avalanche testnet will include AVAX/USD, LINK/USD, ETH/USD, LINK/ETH, BTC/ETH, and USDT/USD. However, the platform noted that consequently more are set to be released.
Avalanche and Chainlink To Build Scalable, Cheap DeFi Applications
Avalanche in its statement explained that Chainlink Price Feeds integration will enable developers build highly scalable DeFi applications.
Chainlink Price Feeds source data exclusively from numerous premium data aggregators. Therefore, the price feeds reflect accurate global market prices of all exchanges (DEXs and CEXs), while protecting user funds against unexpected situations.
Chainlink further pointed out its delight with the partnership, noting that it would enable more rapid DeFi development on Avalanche ecosystem.
“We plan to help facilitate the launch of more Chainlink Price Feeds as a means of further growing the Avalanche DeFi ecosystem, as well as building additional Chainlink oracle implementations in the future that go beyond DeFi and Price Feeds,” it said.
SushiSwap Launching On Avalanche
The Ethereum-based software will offer users premium trading venue in Avalanche’s rapidly growing DeFi ecosystem. This allows users to perform core swaps and liquidity mining just like they already do with SushiSwap on Ethereum. However, this time around with lower fees, and faster transaction finality.
Joseph Delong, CTO of SushiSwap, noted that the platform was looking forward to the deployment of Sushi on Avalanche. Delong stated that it is “[…]an important step towards TVL, liquidity, and volume expansion.”
Additionally, it’s worth noting that in the past three weeks, the TVL within Avalanche-based AMMs has grown by 169%. Avalanche continues to integrate more applications and tools to help improve the user experience for all its DeFi users.
AVAX and SUSHI Prices
As of time of publication, AVAX price has dropped by 6.3% over the last 24 hours. It was trading at $13.83, with a 24-hour trading volume of $93,917,517, and market cap of $2,388,712,682.
The DEX’s native SUSHI token has dropped today, falling by 6% over the last 24 hours. Prices were $7.93 at the time of publication, a fall of 60% since its March 14 all-time high of $23.40. Since the beginning of 2021, SUSHI has gained a whopping 640%.
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