Hedera has made Chainlink Data Feeds and Chainlink Proof of Reserve available on its network. This is good news for Hedera developers as it empowers them to access trusted, tamper-proof data that is necessary in building secure decentralized finance (DeFi) apps and tokenized real-world assets (RWAs).Â
Moreover, the HBAR Foundation has joined Chainlink Scale, hence helping developers access better Chainlink’s powerful oracle services.
According to the Hedera’s Blog post, the integration also allows developers on the Hedera network to easily access accurate off-chain data, which enables them to build enhanced on-chain applications.
Data Feeds by Chainlink gather data from leading data providers and exchanges, ensuring the market prices used in applications on Hedera are both accurate and fair. The data feeds are also central to providing real-time and reliable financial market data for Hedera, a necessary component for building secure DeFi applications and stable tokenized assets.
Elaine Song, the Vice President of Strategy at The HBAR Foundation, explained that “By making the Chainlink standard available to our developer ecosystem, we can enable increased access to high-quality, tamper-proof data backed by decentralized infrastructure.”
One interesting feature is the aggregation of high-quality data from hundreds of exchanges, and cleaning them to take out outliers so that prices can be as accurate as possible.
Also, this data is secured through decentralized oracle nodes maintained by trusted teams, which ensures the information is reliable even in times of network disruption or when there is high traffic on the network. Chainlink uses a fully decentralized network that protects against any single point of failure.
Meanwhile, both platforms have witnessed massive growth in their native token. This month alone, LINK has gained over 108% while HBAR saw a good $231%. LINK’s surge came last week after Pre-elected president Donald Trump’s Backed project, World Liberty Financial Initiative WLFI bought over 40k LINK tokens for $1 million.
Right now, Link is trading for $29.55 after hitting a new ATH of $30.70 earlier today. Its trading volume has seen over 37% to $2.09 in just one day. However, HBAR is currently down 2% to $0.28 after hitting its daily high of $0.29, but it has witness massive trading volume recorded at $826 million, a 44% rise today
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