Dominant smart contract oracle network Chainlink announced partnerships with MakerDAO, Starknet, Cryptex, BGD Labs, Aave and BENQUI.
Keeper, ZK Rollup, JPEGz, Wrapped Tokens
Chainlink has teamed up with several high-profile projects in the crypto universe this week, announcing partnerships with a decentralized finance (DeFi) pioneer, an innovative Layer 2 solution, a novel NFT marketplace index token, and a major liquidity protocol.
In this week’s recap:
MakerDAO adds automation to Keeper
MakerDAO has integrated Chainlink Automation as part of its Keeper network.
“The sophisticated technology and tools that run unobtrusively but constantly in the background to ensure DAI’s stability rely on MakerDAO’s Keeper network. This network of automated bots performs essential tasks to maintain the Maker protocol and is greatly enhanced through integration with Chainlink’s acclaimed Hyper-reliable automation platform,” said Nadia Álvarez of MakerDAO’s Growth Core Unit in a press release.
MakerDAO governs the basic DeFi lending protocol Maker Protocol and created the DAI stablecoin.
The automation will perform specific tasks on the Maker Protocol smart contract system, such as: These include Maker Oracle pricing updates, DAI direct deposit module liquidity balancing and debt ceiling increases for assets held as collateral. The addition of automation to the third-party “keepers” that perform tasks for the Maker protocol improves the decentralization of the core functions of Maker and DAI.
“Advancing the technology that supports stablecoins is a necessary component to unlocking the future of finance. As more traditional financial institutions partner with MakerDAO and evaluate the applicability of DeFi, the underlying infrastructure required will become increasingly complex,” explains Chainlink’s Go vice president. To-Market Johann Eid said, “Chainlink’s integration with MakerDAO demonstrates the need for a high-performing automation infrastructure and points to a prosperous future for decentralized financial services.”
Two renowned security pillars of the decentralized financial system are now working together for the first time.
We’re excited to announce that MakerDAO has included @Chainlink Automation as part of its Keeper network. pic.twitter.com/wjouZzcqpS
— Maker (@MakerDAO) February 9, 2023
chain link + strong net
Starknet joins the Chainlink SCALE program to accelerate the growth and adoption of the Ethereum Layer 2 solution. Meanwhile, Chainlink Price Feeds are already on the Starknet testnet and will soon go live on its mainnet.
“Ultimately, we are excited to establish a sustainable system where Chainlink Labs and StarkWare are aligned to expand application development on Starknet for the long term,” reads a post from StarkWare Medium.
Starknet is a ZK rollup aimed at addressing scaling issues with the Ethereum mainnet. As part of the SCALE program, the yet to be released $STKR will cover certain operational costs of Chainlink oracle nodes on Starknet.
2/ Through a strategic use of resources, @StarkWareLtd will cover certain operating costs for #Chainlink nodes on #StarkNet.
As the StarkNet ecosystem grows, fees from dApps can eventually cover the full on-chain costs of Chainlink nodes.
— Chainlink (@chainlink) February 6, 2023
NFT index token JPEGz
Cryptex Finance has integrated NFT Floor Price Feeds to launch JPEGz, the first NFT Market Cap Index Token.
“Cryptex is pleased to announce the creation of JPEGz, a fully collateralized, data-backed index token that provides market capitalization for the NFT sector,” said Joe Sticco, Cryptex co-founder, in a Medium post. “The robust calculation and secure delivery of NFT floor price data by Coinbase Cloud and Chainlink helps support the growth of this unique asset class.”
The JPEGz token tracks the following Non-Fungible Token (NFT) collections: Azuki Official, Bored Ape Yacht Club, CloneX, Cool Cats, CrypToadz, CryptoPunks, Doodles, Mutant Ape Yacht Club, Vee Friends, and World of Women.
Cryptex had already integrated Chainlink oracle services and price feeds for its TCAP index token, which tracks the entire crypto market cap.
Chainlink + Aave on Avalanche
Web3 development initiative BGD Labs announced the integration of Chainlink Proof of Reserve (PoR) into the Aave lending protocol on Avalanche.
“We are excited to support the Aave protocol and community by integrating Chainlink Proof of Reserve,” said Ernesto Boado, co-founder of BGD Labs, in a press release. “This integration helps prevent undercollateralized bridged assets in Avalanche’s Aave markets and helps reduce the technical and commercial risks associated with bridged asset liquidity pools.”
The PoR integration helps ensure that wrapped tokens are adequately collateralized in Aave markets on Avalanche. The PoR feeds now support AAVE.e, DAI.e, LINK.e, WBTC.e and WETH.e.
“Having real-time access to the health of cross-chain liquidity pools increases the transparency and auditability of the Aave market on Avalanche,” said Stani Kulechov, Founder and CEO of Aave Companies. “Creating additional visibility in reserve collateral is a necessary step forward and will help build more trust and trust with end users.”
In 2022, Chainlink oracles helped facilitate transaction flows totaling more than $2 trillion.
“We are pleased that Aave uses Chainlink Proof of Reserve to ensure that the cross-chain assets in Aave pools on Avalanche are adequately collateralized,” said Chainlink co-founder Sergey Nazarov. “Chainlink PoR’s fully decentralized, automated verification helps mitigate the risks of under-collateralization that cross-chain bridges can pose to the Aave markets.”
Also on Avalanche, money market protocol has integrated BENQI PoR and automation to secure cross-chain asset origination and lending for BTC, ETH, DAI, USDC and USDT.
For more information, see this BENQI Medium post.
[email protected] Proof of Reserve is now integrated with the BENQI Liquidity Market, securing cross-chain asset lending and lending for BTC, ETH, DAI, USDC and USDt.
Read more about it below 👇https://t.co/YiTpvYHnxJ
— BENQI🔺 (@BenqiFinance) February 9, 2023
The last four weekly Chainlink roundups:
- February 5: Picardy Protocol, Icetea Labs
- Jan 29: $7 trillion, FilSwan, Karto Cars
- January 22nd: Etherisc, OpenEarth, Planet IX, EMP Money
- January 15: Mind Network, Polarys, Festa do Taipe
- January 8: Fass, OnePlanet, Kwil, 2022 Highlights
What is chain link:
Chainlink is the industry standard for building, accessing, and selling oracle services required to run hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations to enable feature-rich applications. Chainlink currently secures tens of billions of dollars in DeFi, insurance, gaming and other major industries, providing global corporations and leading data providers with a universal gateway to all blockchains.
Where can I find Chainlink:
Website | Twitter | Documents | community
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