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The Solana ecosystem has been making some expansion plays recently as it hopes to sign on more developers and create an enabling environment for crypto projects. The blockchain has successfully integrated Chainlink - the most popular blockchain network oracle in its recent round of integrations.
Offering Real-Time Price Data to Developers
Blockchain oracles are third parties that are integrated into blockchains to feed them live information. They serve as bridges between a blockchain network and the real world, offering off-chain data to smart contracts and expanding their scope of operation. When it comes to blockchain oracles, none quite measures up to Chainlink. Chainlink has become especially popular in the decentralized finance (DeFi) space for providing accurate real-time data metrics to protocols. Now that it is live on Solana, the latter appears to have taken another bold step towards being a hub for DeFi. According to a tweet from Chainlink, the protocol’s Live Feeds are now able on the Solana blockchain, making it easy for Solana developers to access the data. In a separate announcement, Solana explained that the Chainlink price feeds could be used in most DeFi apps, allowing developers to save time and money by leveraging on its offering. Solana already reports sub-second updates, capturing the volatility in crypto prices. With Chainlink now in the picture, the blockchain would become even more accurate. Anatoly Yakovenko, founder and CEO of Solana Labs, explained that this integration would be especially beneficial as it combines a high-quality oracle with a high-speed blockchain network. This integration, as he explained, could take DeFi to the next level. Meanwhile, the recent integration is only available on the Solana devnet. Mainnet deployment is expected to be complete in the last quarter of the year.
Expanding to Accommodate DeFi
The integration between Solana and Chainlink has been months in the making. Late last year, Raj Gokal, the operations chief at Solana Labs, confirmed that they were working on integrating Chainlink’s oracle as a standard across all decentralized applications (dApps) running on the blockchain. Gokal said,
“By doing so, Dapps will get secure access to all the inputs and outputs they need while avoiding the major pitfalls with trying to deploy self-made oracles, such as long time delays, additional expenses, and even fatal security flaws.”
The Chainlink news is only the second major oracle-related development coming from Solana. Earlier this week, Pyth Network - a cross-chain, decentralized data oracle built on Solana - went live. The oracle had only been available on Solana's devnet for a while, but today, a full mainnet launch is expected to occur. Pyth is already gaining some traction, with backing from several organizations - including top crypto exchange FTX. With a mainnet launch, developers will integrate its real-time market data into their DeFi protocols. [coin_ticker symbol="SOL"] [coin_ticker symbol="LINK"]