u.today
Polkadot-based decentralized finance outfit Equilibrium has chosen Chainlink as its go-to decentralized oracle provider, according to a Nov. 2 Medium blog post.
Chainlink has been on a partnership spree throughout most of 2020, which is believed to be the key reason behind the token’s monstrous rally in August.
By leveraging Chainlink’s smart contracts within its substrate, Equilibrium will be able to retrieve the most accurate value of assets to generate decentralized stablecoins, synthetic assets, issue loans, and execute trades. It will establish a whitelist of validators that can provide data.
Alex Melikhov, the CEO of Equilibrium, says that describes Chainlink as the “most secure” decentralized blockchain oracle:
“We’re excited to bring cross-chain DeFi to Polkadot, and enable money legos across chains. The Chainlink integration is an easy choice for us to be able to show our users that we’re treating their funds with the utmost security and care. As the most secure and decentralized blockchain oracle, Chainlink ticks all the boxes to help us bring secure DeFi products quickly to market.”
Chainlink’s litany of partnerships includes Google Cloud, Ethereum Classic, Travala.com, and others, but competing oracle providers in the like of Band Protocol are chipping away at its market share.
Equilibrium, the project behind the EOS-based stablecoin, EOSDT, aims to bring cross-chain money markets to the DeFi ecosystem.
Binance and Eosfinex joined Equilibrium as block producers back in May.
Last month, Equilibrium raised $5.5 mln through a token swap, with BKEX Capital and Taureon being among participants in its funding round.