Chainlink Brings Price Feed Data to Solana for Defi Support

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

• 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 in later stages of the integration.
• Several 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 for Solana’s dapp developers: “The launch of Chainlink on Solana will give Defi developers access to the most widely used oracles on the blockchain,” he said .
• An “oracle” is an entity that connects blockchain-based applications to external systems and provides real-world data. For example, Chainalysis provides an oracle for smart contracts to identify sanctioned blockchain addresses.
• Price oracles are helpful defi tools as they help determine appropriate credit and collateral rates between different cryptocurrencies.
• Recently, a Defi protocol on Terra Classic was exploited because its price oracle reported incorrect data for LUNC. This allowed the exploiter to seize $2 million in funds despite posting minimal collateral in the scheme.
• Chainlink’s oracle has been linked to some of the exploited dapps, but the flaw was believed to be a protocol-side error.
• Oracle platform co-founder Sergey Nazarov was excited about the integration, calling it a “major leap forward” for the defi industry. His team awaits its role within the Solana ecosystem while noting Chainlink’s deep oracle network.

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