Solana (SOL) has taken an important step as it has been able to integrate its decentralized Oracle prices from Chainlink on its network, which means that its developers can get reliable real-time price data for seven different pairs of transactions, with hundreds more to come in the coming months.
Following this development, developers on Solana’s high-performance blockchain have gained another technological “weapon” to build.
Initially, developers will be able to leverage seven different Chainlink price streams, including those for the BTC/USD, ETH/USD and USDC/USD trading pairs, to create superior decentralized applications on the blockchain. Hundreds of price streams will additionally be available in the coming months.
“Major leap forward”
Commenting on the integration, Chainlink co-founder Sergey Nazarov said:
“By delivering the most reliable and highest quality data to the already lightning-fast blockchain, Solana, Chainlink’s integration with Solana is a significant leap forward for the kind of scalable and institutional-grade DeFi applications that can only be built in Solana. Chainlink is now the most powerful and integrated oracle network on the Solana blockchain and we expect its role in the ecosystem to expand as we integrate more value streams and additional off-chain services.”
New dApps and DeFi products
Solana co-founder Anatoly Yakovenko added that the release of Chainlink on the network will “give DeFi developers access to the most widely used Oracles on the blockchain and allow them to create new dApps and DeFi products”.
Already several DeFi projects are adopting them
At this point, several Solana DeFi projects have already committed to adopting Chainlink’s price streams, including the Francium and Tulip yield aggregators, the Apricot Finance lending protocol and the UPFI stablecoin protocol.
In addition to price streams, Chainlink is looking to bring more of its services to Solana, including Proof-of-Reserve for asset confirmations and several others.
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