Decentralized oracle solution Chainlink released a new price feed on October 18 that tracks the Synthetix basket of DeFi tokens named sDEFI.
The token is value based on a number of leading cryptocurrencies including LINK, MKR, ZRX, SNX, REN, LRC, KNC, BNT, and MLN. Chainlink shared the news on their official Twitter account this weekend.
Created by Synthetix, the leading marketplace for synths, sDEFI tracks the aggregated value of the most popular DeFi tokens. At the time of writing, the Chainlink price feed values sDeFi/USD at $2805, deviating only 1% from the real price. Nine officially verified and vouched Chainlink nodes provide information regarding the token’s price.
These nodes include DexTrac, Easy 2 Stake, Fiews, LinkForest, LinkPool, Newsroad, Stake.Fish, Blocksize Capital, and Certus One. All of the nodes have fulfilled the network’s request, except LinkForest which seems to still fetch off-chain price data. According to the official price feed page, each request cost only 81 gwei.
With the help of the decentralized price feed, developers and exchanges will be able to grab more accurate data for the token’s price and utilize it for various trading platforms. Users benefit from the new feed as well as they have a chance to track the price of sDEFI in real-time. Anyone wishing to utilize the public data can do so by integrating the official Chainlink API into their website or protocol.
Chainlink resumes dominating the decentralized oracle market
As time passes it appears that Chainlink acquires more and more integrations. Moreover, the project made several partnerships in the past months. This shows that the team is happy to further the development of the platform no matter the market conditions. As Defiye previously reported, the decentralized oracle solution has made several advancements this October.
For example, Chainlink partnered with PlotX to provide extremely accurate data to the market prediction protocol. Before that, DFinance integrated Chainlink on October 13 to improve the state of its financial instruments and overall security. At the start of the month, the project even managed to start cooperating with the Ren Protocol. Called Proof of Reserve, Chainlink will help Ren by verifying the on-chain collateral that most yield farming, lending, and borrowing protocols claim to own.
In another set of news, the Chainlink team shared an official blog post sharing its goal of supporting asset tokenization. The blog post explained the benefits asset tokenization can have on the entire economy. Moreover, it divulged how decentralized oracles can help bring the mechanism to modern markets.
Based on the amount of progress the decentralized oracle provider has been in this year, it appears that nothing can stop in Chainlink. Currently, holders of the LINK tokens wait for the project to announce staking. With staking, they can collateralize their assets and earn passive income by completing on-chain tasks.