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Chainlink Labs and financial services company Galaxy Digital (GLXY.TO) have partnered to add cryptocurrency pricing information to blockchains. The project will use the oracle network of Chainlink and send data directly to several blockchain applications, including those in the DeFi ecosystem.
Galaxy to Use Chainlink for Blockchain Access
Galaxy Digital said it would use Chainlink to give blockchains access to its data on cryptocurrency pricing. The company thinks that smart contract developers would be able to create more sophisticated decentralized applications (dApps) with the help of this data. Zane Glauber, the head of strategic opportunities at Galaxy, stated that these reference prices are crucial because they may be embedded within smart contracts connected to lending, borrowing, options, futures, and more to settle problems entirely on the chain. The crypto reference data will help developers construct their DeFi primitive or dApp. The development of these upcoming products should promote the ecosystem's continued expansion by securing the increasing total value locked in DeFi apps.
DeFi's Potential for Growth
DeFi appears to have a lot of room for growth, but hacks and flaws continue to plague the industry. Hackers recently used a spot in the Profanity vanity wallet address generator. As a result, multiple wallets lost cryptocurrency valuables worth about $3.3 million. A hacker stole over $1 million in Ether (ETH) after targeting another wallet account more than a week later.