coincodex.com
Key highlights:
- Solana has integrated Chainlink Price Feeds on its Devnet
- The mainnet integration is expected to happen this year
- Chainlink Price Feeds bring reliable external data to decentralized applications
Solana Devnet now supports Chainlink Price Feeds
The Solana Devnet has integrated Chainlink Price Feeds, and an integration on the Solana mainnet is expected to be completed before the end of the year.
Chainlink Price Feeds are a way for DApps to access reliable price data, even for assets that are outside the blockchain the DApp is built on. This is especially valuable for DeFi applications, where asset prices are of key importance. Chainlink has been bringing its services to multiple blockchains – for example, Avalanche and Fantom have both recently also integrated Chainlink Price Feeds.
Alongside Binance Smart Chain and Polygon, Solana has emerged as one of the most important Ethereum alternatives on the market. A big reason behind Solana’s growing momentum is its scalability, as the Solana blockchain can process around 65,000 transactions per second while keeping fees lower than $0.01.
Solana Labs CEO Anatoly Yakovenko commented on the project’s integration with Chainlink, saying that it will help accelerate the pace of development on the Solana platform:
“Integrating Chainlink natively into the Solana blockchain can significantly increase the rate at which Solana developers can build secure, high-throughput DeFi applications by providing them with direct access to reliable off-chain data and computation.”
Decentralized oracles like Chainlink are a critical piece of infrastructure for smart contract blockchains, and it looks like Solana developers will not be lacking options. Today (August 26), the Pyth Network oracle service is launching on the Solana mainnet. The project is backed by major high-frequency trading firm Jump Trading, and offers data provided by professional trading and finance firms like Hudson River Trading and KGI Securities Singapore.
Solana has been tearing up the markets in August – SOL is up more than 140% in the last 30 days. SOL posted a new all-time high last week at around $81, but the coin has since retraced to $68. Among other factors, the launch of the Degenerate Ape Academy NFT collection played a big part in generating hype for Solana.