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HBAR Foundation has joined the Chainlink ecosystem through Chainlink’s scale program. The collaboration will see the integration of Chainlink Data Feeds and Chainlink CCIP on the Hedera testnet to give developers the diversified services required to build feature-rich dApps.
HBAR Foundation, the entity that fuels developments and oversees governance in the Hedera ecosystem, has entered yet another collaboration with Chainlink.
Hedera developers will access Chainlink Oracle services
.@HBAR_foundation has joined Chainlink Scale, with Chainlink Data Feeds now live on @hedera Testnet.
Additionally, Chainlink CCIP is being integrated on Hedera.#RoadToSmartConhttps://t.co/H3EXvvvpxh pic.twitter.com/MbKeSJMtum
— Chainlink (@chainlink) October 29, 2024
The association has yielded the integration of Chainlink CCIP and Chainlink Data Feeds on the Hedera ecosystem, creating a conducive environment for developers to build feature-rich dApps. The collaboration has already been initiated, and Chainlink Data Feeds are now live on Hedera Testnet.
Due to the partnership, Hedera developers will gain access to Chainlink’s Oracle services. Chainlink Data Feeds will offer developers with premium data aggregators. The data will be sourced from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading.
Moreover, Hedera developers will access Chainlink node operators as part of the collaboration. Chainlink Data Feeds are operated from a decentralized data source, oracle node, and oracle network levels. The decentralized nature of Chainlink’s data feeds provides an added layer of security from which HBAR developers can benefit.
HBAR Foundation envisions the collaboration will promote interoperability through Chainlink’s CCIP. Chainlink’s CCIP will create programmable token transfers for HBAR, allowing developers to transfer tokens, relay messages, or a combination of both concurrently in a single cross-chain transaction.
The CCIP will introduce what HBAR references as a plug-and-play token transfer solution. The solution will consist of audited token pool contracts that withstand the complexity of minting, burning, locking, and unlocking tokens across different chains. CCIP on Hedera will also introduce a phased rollout, with extra lanes, tokens, and functionality added with time.
Elaine Song, VP of Strategy at The HBAR Foundation, stated that:
“Chainlink Data Feeds support the creation of high-quality retail and institutional DeFi apps, and CCIP’s secure cross-chain interoperability ensures they’ll be accessible to more people without sacrificing UX.”
–Elaine Song
Chief Business Officer at Chainlink Labs Johann Eid also commented on the new collaboration, stating that the alliance will empower Hedera developers through increased access to Chainlink’s resources. He added that Hedera developers will now build secure, scalable, and fully-featured decentralized applications to promote on-chain mass adoption.
Chainlink and HBAR have been collaborating since 2021, when the Hedera Foundation announced Chainlink Labs joined the Hedera Governing Council. Since then, the two ecosystems have undertaken several network upgrades to boost symbiotic growth between them.
Chainlink’s native asset LINK is up 5% in the last 24 hours, according to CoinMarketCap. LINK is exchanging hands for $11.99 with a 24-hour trading volume of $265 million at the time of this writing. Hedera’s price has largely remained unchanged in the last 24 hours but is down 5% in the past seven days.