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Chainlink Brings Price Feed Data to Solana for Defi Support

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Chainlink – a blockchain oracle platform – recently announced that its price feed technology has been launched on the Solana network. This information will help Solana defi developers use live price information for various financial services.

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  • The oracle platform has announced that seven price feeds will be made available for Solana developers. These include BTC/USD, ETH/USD, and USDC/USD. More price feeds will be made available at later stages of the integration.
  • Multiple projects have already committed to using Chainlink’s tools, including lending protocol Apricot Finance, and yield farming aggregators Francium and Tulip.
  • Solana co-founder Anatoly Yakovenko believes the integration will be a boon to Solana’s dapp developers: “Chainlink’s launch on Solana will give defi developers access to the most widely used oracles in blockchain,” he said.
  • An “oracle” is an entity that bridges blockchain-based applications with external systems, providing data from the real world. Chainalysis, for example, provides an oracle for smart contracts to identify sanctioned blockchain addresses.
  • Price oracles are helpful defi tools, as they help determine appropriate lending and collateral rates between different cryptocurrencies.
  • A defi protocol on Terra Classic was recently exploited because its price oracle was reporting incorrect data for LUNC. This allowed the exploiter to seize $2 million in funds despite posting minimal collateral into the system.
  • Chainlink’s oracle was associated with some of the exploited dapps, but the error was believed to be a protocol side mistake.
  • The oracle platform’s co-founder Sergey Nazarov showed excitement about the integration, calling it a “major leap forward,” for the defi industry. His team is anticipating its role within the Solana ecosystem, taking note of Chainlink’s deep oracle network.
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