Chainlink is achieving huge milestones amid SmartCon 2022, including projects with SWIFT, Coinbase Cloud and several layer-one and layer-two blockchains.
Chainlink in the Web3 Spotlight
Chainlink’s yearly conference SmartCon kicked off in full force with industry-leading speakers and exciting integrations.
The oracle network keeps expanding its reach, integrating new projects every week and finding support from some of Web2 and Web3’s most significant builders.
In this week’s roundup:
SWIFT: Changing How the World Moves Value
The world’s leading interbank messaging system partnered with Chainlink to communicate across all blockchain environments.
The project wants to bridge the gap between traditional and digital assets for TradFi institutions, accelerating the adoption of distributed ledger blockchains and benefiting various institutions across capital markets.
SCALE: Growing On-Chain Ecosystems
Chainlink Labs announced Chainlink SCALE – Sustainable Chainlink Access for Layer 1 and 2 Enablement.
The program is centered around accelerating the growth of blockchain and layer-two ecosystems while improving the oracle network sustainability. In a nutshell, it’s designed to improve data security and utility while reducing the operating costs of oracle services.
The first projects participating in the program include Avalanche, Metis, Moonbeam Network, and Moonriver.
Coinbase Cloud: Reliable NFT Pricing
Chainlink Labs partnered with Coinbase Cloud to launch NFT Floor Pricing Feeds.
The high-fidelity feeds make the lowest purchase price for NFTs within a collection easily accessible to developers. They use Coinbase Cloud’s algorithm to scan every NFT transaction in the collection across major marketplaces and eliminate outliers.
“We are excited about this partnership between Coinbase and Chainlink. We’re bridging the gap between transparency and security in the NFT space by bringing reliable and timely on-chain NFT Floor Pricing Feeds for the top NFT collections to the Web3 world,” said Michael Li, VP of Data at Coinbase.
Developers can use the pricing feeds to power financial Decentralized Applications (dApps) that allow users to collateralize their NFTs, track the performance of the NFT market, accelerate NFT prediction markets, and enable a whole new class of dynamic NFTs.
CF Benchmarks: Interest Rates for Web3
Chainlink and CF Benchmarks launched the first market-wide interest rate product for Web3.
The “CF Bitcoin Interest Rate Curve” delivers a base rate that helps Web3 market participants better understand digital asset valuations and manage risk.
“This base rate will help unlock innovation across lending and borrowing platforms, asset valuation models, swap markets, and other financial primitives,” said Sui Chung, CEO of CF Benchmarks.
Some of the base rate benefits include:
- Transparency: Lenders and borrowers have the market benchmark available.
- Consistency: It introduces predictability to the flow of digital asset markets.
- Clarity: Users can quantify the risks of using specific protocols.
Digital Asset Research, Galaxy, and Chainlink
Digital Asset Research and Galaxy Digital are now providing crypto pricing data to blockchains through Chainlink.
The former is a price data provider to leading institutions and is actively used within the Bloomberg Terminal, while the latter is a well-established Web3 investment management innovator. Together with Chainlink, they will deliver robust market data to smart contract applications and bring greater trust to DeFi.
“As the market leader for blockchain middleware and oracle services, Chainlink provides secure and reliable connectivity between data providers and blockchain applications,” said Doug Schwenk, CEO of Digital Asset Research.
Check out BSC News’ weekly roundup to keep up with the latest updates about the smart contract powerhouse.
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What Is Chainlink:
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. They currently secure tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offer global enterprises and leading data providers a universal gateway to all blockchains.
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