Avalanche, within the framework of technological innovation and network improvement, announces the recent incorporation of the Chainlink oracle to the testnet; Does it really provide more transparent and accurate data?
The integration was made possible by a Chainlink community grant awarded to Protofire, a leading developer and validator Avalanche workshop.
The objective of this implementation is that developers and users who use avalanche to develop their projects can benefit from the low transaction costs of Avalanche and at the same time access high quality data and infrastructure with decentralized oracles of the Chainlink protocol, recognized for its respectable infrastructure as a “virtual bridge” to the blockchain.
Incorporating Chainlink into Avalanche Provides Greater Network Confidence
With this upgrade, Chainlink pricing sources are fully available on the Avalanche Testnet without the need to seek external interoperability. Several positive aspects can be highlighted regarding this incorporation, mainly the following:
Decrease the risk of oracles infrastructure by relying on and delegating on proven and secure solutions. Chainlink is a respected protocol that has been in the ecosystem for several years and it is a wise move to ensure the correct use of oracles for those developers of the Avalanche network.
On the other hand, smart contracts can leverage Chainlink pricing sources to secure key functions in the chain, such as determining collateral ratios, making settlements, determining rates of return and participation, and setting fair prices for minting and asset exchanges.
By combining Avalanche (an open source network) and Chainlink (a secure oracle protocol), developers can build highly scalable and universally connected DeFi applications with strong security and reliability guarantees
Andrea Vargas, Developer Evangelist and CM at Ava Labs, told BeInCrypto about this implementation and states that:
“Oracles are essential to develop applications that require feeding their applications with external information, such as prices. This integration of Chainlink with Avalanche combines reliable sources of information with almost instantaneous purpose and low transaction costs, empowering the developments to many use cases “
On the other hand, this update is important by the time it can be available for the mainnet, in the same line of dialogue, Vargas commented:
“As for the launch date on mainnet, I could not give you an exact date yet, but having it already available on testnet allows developers to integrate and test their applications so that when it comes out on mainnet the application is ready to operate”
Undoubtedly, this incorporation will provide greater certainty to the developers who are currently working in Avalanche, the innovation and maturity of the network stands out by incorporating a developed protocol and with a solid infrastructure such as Chainlink.
The Avalanche post incorporating Chainlink for greater accuracy in actual prices was first seen on BeInCrypto.