Blockchain firm Radix integrates Chainlink oracles
Last Updated on 11 September 2023 by CryptoTips.eu
Blockchain platform Radix is integrating Chainlink oracles to its ecosystem in order to provide developers with high-quality market data to build DeFi apps on its platform.
According to the press release, the integration with Chainlink will enable DeFi oracles to be easily accessible to Radix developers giving them access to a wide range of secure and accurate off-ledger data.
This information will be used by the developers to create new types of traditional finance applications in the form of new DeFi apps for lending and financial derivatives products.
Integration will solve data problems
The integration of Chainlink would also solve one of the major problems for DeFi application developers which is access to accurate market data. This is because not all market data is readily available within the network which means that Radex dApps would need to access off-ledger sources for necessary information.
Chainlink solves this by linking to off-chain APIs that makes these off-ledger data available within Radix network. Chainlink is currently the market leader in this sector and currently supplies many top DeFi protocols including Synthetix, Aave and Bancor with price feeds.
Radix is a layer-one blockchain project built for DeFi and wants to take the mantle from Ethereum which currently hosts most applications. There has been considerable issues with the Ethereum mainchain and has led to slow transaction times and rising gas fees.
The Radix blockchain is built on a scalable, secure high throughput protocol for building applications. This is based on the characteristics of existing public ledgers and runs on a permissionless framework on which DeFi services can be created in a secure and scalable way.
Chainlink is widely regarded as one of the top protocols that has driven the DeFi sector. It enables developers to connect any blockchain with high-quality data sources from other blockchains as well as real-world data.
Speaking on the development Piers Ridyard believes that it is important that Radix developers are able to have access to high quality market data.
Chainlink’s price oracles enable Radix developers to offload complex and time-consuming oracle infrastructure to industry experts, allowing our ecosystem to to focus solely on designing smart contract applications that re-architect the global finance system.
