Tag: Chainlink

Vodafone DAB and Chainlink Labs Unveil Blockchain Solution to Streamline Global Trade

by Blockchain News

Vodafone’s Digital Asset Broker (DAB) and Chainlink (LINK) Labs have unveiled a proof of concept (PoC) in collaboration with Sumitomo Corporation and InnoWave. This initiative aims to tackle the inefficiencies entrenched in the mammoth $32 trillion global trade arena.

The core of the demonstration lay in the fluid exchange of pivotal trade documents across varied platforms and blockchains, a process often hampered by disjointed systems. The prevalent use of inconsistent paper or digital platforms with subpar interoperability has been a major bottleneck across different sectors in global commerce. By leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP) alongside DAB, the companies showcased a solution to ensure security and interoperability across IoT devices at network fringes. This fusion potentially paves the way for a unified interface facilitating secure data and token exchanges across both public and private blockchain networks, alongside IoT networks.

Real-World Application

An illustrative use case presented was a vessel autonomously transmitting data regarding a cargo fire to smart contracts via DAB’s platform and CCIP, potentially activating a marine cargo insurance procedure. This PoC underscores the capability of DAB-enhanced IoT devices and blockchains in delivering secure, trustworthy, and traceable data for smart contract, blockchain, and AI applications.

Trade Document Exchange

Furthering this initiative, the consortium will delve into the feasibility of global trade applications benefiting from DAB’s Economy of Things (EoT) platform. The EoT platform holds promise in empowering devices to autonomously serve as reliable data sources during trade processes, and also leverage DAB’s prowess for enhanced financial transaction processing. During SmartCon 2023 in Barcelona, Spain, a demonstration showcased how trading entities could circumvent unnecessary cargo transit delays by smoothly transferring a digital bill of lading between multiple stakeholders across several blockchains.

Vodafone DAB Joins Chainlink Network

A noteworthy development is Vodafone DAB’s fresh alliance with Chainlink Labs, marking its entry as a Chainlink Network node operator. This positions Vodafone DAB as a key player in facilitating enterprises and businesses to create and deploy smart contracts by ensuring secure and streamlined data exchange and computation. Chainlink’s decentralized oracle networks act as conduits between on-chain smart contracts and off-chain real-world occurrences and data.

The involvement of top-tier entities like Vodafone DAB and Chainlink Labs in devising solutions to longstanding global trade issues showcases the vast potential of blockchain technology. With 3 billion IoT devices projected to transact in the economy of things by 2030, securing consensus and validation between DAB and Chainlink will be pivotal in propelling this growth.

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Chainlink Unveils Constellation: A Grand Hackathon Event

by Blockchain News

Chainlink has taken the wraps off its most extensive hackathon event to date, dubbed Constellation, set to commence on November 8 and run through December 10, 2023. This announcement comes on the heels of Chainlink’s evolution since its initial virtual hackathon in 2020, which had garnered over 1,000 registrations and 70+ project submissions from enthusiasts spanning 45 countries. The initiative was a frontier at the time when the Decentralized Finance (DeFi) space was in its nascency, and Non-Fungible Tokens (NFTs) were just beginning to make a mark.

Hackathon’s Progression Over Years

The narrative of Chainlink’s hackathons over the years is one of growth, advancement, and betterment. Each subsequent hackathon has surpassed its predecessors in scale and sophistication, culminating in the upcoming Constellation event. This platform has been meticulously crafted to offer a straightforward success pathway for Web3 engineers of all experience levels, through the Chainlink platform, which serves as a universal conduit to myriad blockchain networks. Over the years, these hackathons have morphed into a launchpad for developers to interact with state-of-the-art infrastructure elements, thereby reshaping the global perception and utilization of Web3.

Prize Distribution and Categories

The Constellation hackathon boasts a prize pool of $350,000, spread across seven core prize tracks. The prize tracks are designed to cover a broad spectrum of blockchain applications.

Grand Prize ($25,000): This top accolade is set aside for the project that exemplifies superior implementation, irrespective of its vertical or theme.

DeFi and Payments ($22,500): A call to arms for developers to forge lightning-fast DeFi applications that could serve as the financial bedrock of the future.

Cross-Chain Solutions ($22,500): Capitalizing on Chainlink’s CCIP, developers have the chance to pioneer secure cross-chain projects.

Web3 Gaming and Dynamic NFTs ($15,000): This track focuses on expanding the horizons of Web3 gaming and NFT collections.

SocialFi Innovation ($15,000): An avenue to explore the amalgamation of Web3 and social platforms.

Web3 and AI ($15,000): This confluence of two tech frontiers offers a playground for connecting AI with smart contracts.

Tech for Good ($15,000): A category for those with a penchant for creating tech-driven solutions for societal betterment.

Additionally, 20 Top-Quality Prizes of $500 each will be awarded to projects that showcase exceptional implementation.

Technical Recommendations and Evaluation Metrics

The evaluation of submissions will be executed via a point system, encapsulating factors like User Experience (UX), technical implementation, practicality, and creativity. The anticipation is for projects that not only embody creativity but are polished, practical, and stretch the boundaries of Web3 tech. Bonus points are on the table for projects incorporating multiple Chainlink services in a meaningful manner.

Constellation is not merely a competition but a comprehensive learning experience. It offers a plethora of educational resources, technical workshops, and real-time support to cater to developers at different stages of their Web3 journey. The gamut of learning tracks spans from beginner to expert levels, each laden with tailored resources to expedite the learning and development process.

Conclusion

At the core, Constellation aims to act as a catalyst in nurturing the new generation of Web3 developers by equipping them with the requisite tools, networking opportunities, support, and incentives. Chainlink provides a fertile ground for developers, featuring access to scalable blockchains, secure cross-chain operability, and seamless API connectivity, thereby setting the stage for breakthrough projects that could potentially redefine the Web3 landscape and elevate the industry to unprecedented heights.

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Cobo Argus Boosts DeFi Strategies Security via Chainlink Price Feeds Integration

by Blockchain News

On October 12, 2023, Cobo Argus, a fortified on-chain DeFi management solution, announced its integration with Chainlink Price Feeds on the Arbitrum mainnet, bolstering the security and efficiency of its automated DeFi strategies. This integration stems from Cobo Argus’s collaboration with Chainlink, the leading decentralized oracle network, to access accurate, tamper-resistant price data, crucial for enabling users to mitigate potential losses through timely fund withdrawals if a token loses its peg.

The initial phase of the integration has incorporated key price pairs including DAI/USD, FRAX/USD, USDC/USD, USDT/USD, and WBTC/BTC. Chainlink was chosen for its seamless integration features and a proven track record, having facilitated over $8.5 trillion in transactions within the on-chain finance ecosystem, showcasing robust security and reliable uptime, even amidst market volatility.

Headquartered in Singapore, Cobo stands as a prominent digital asset custody solutions provider on a global scale, boasting over 500 institutional clientele worldwide. Cobo Argus, birthed from DeFi expertise within Cobo, operates as a smart contract-based on-chain DeFi management tool offering an array of features like on-chain RBACs, granular risk management, and advanced DeFi bots, designed to ease team role delegation and DeFi investment processes.

In its quest for innovative DeFi risk management, Cobo Argus has introduced a Withdrawal Bot for the GMX platform, catering to quant teams with a focus on arbitrage strategies. This necessitates access to highly dependable, real-time price data of various tokens, provided on-chain. The bot springs into action to execute token swaps or predefined on-chain operations once a depeg occurs, enhancing the strategy’s efficiency and security.

Chainlink Price Feeds bring to the table a host of essential features like high-quality data, secure node operators, and a decentralized network, ensuring robust protection against downtime and data tampering. The transparency and economy of scale effect of Chainlink Price Feeds further augment the value proposition, providing a cost-effective solution for DeFi projects to access premium data and robust oracle security.

Alex Zuo, Vice President at Cobo, expressed enthusiasm about the integration, emphasizing the pivotal role of reliable, accurate price data in enabling swift fund withdrawals for users in case of a token depeg.

The integration underscores the synergy between Cobo Argus and Chainlink, melding secure, efficient on-chain DeFi management with reliable, tamper-proof price feeds, marking a significant stride in the continual evolution of the DeFi landscape.

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Breaking: Swift, Chainlink, and Major Banks Achieve Multi-Blockchain Token Transfer

by Blockchain News

Swift, the global financial messaging service, announced on August 31, 2023, that it has successfully conducted a series of experiments to facilitate the transfer of tokenized assets across multiple blockchains. Collaborating with major financial institutions and Chainlink ($LINK), a Web3 services platform, Swift aims to solve the interoperability challenges that have been a barrier to the growth of tokenized asset markets.

Major banks involved are: Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX), The Depository Trust & Clearing Corporation (DTCC).

Key Findings

Swift’s experiments revealed that its existing infrastructure could serve as a “single point of entry for financial institutions moving tokenized assets while leveraging existing secure infrastructure.” The cooperative’s efforts are part of a broader strategy to maintain secure, global interoperability in a fragmented financial ecosystem.

Tom Zschach, Chief Innovation Officer at Swift, stated, “Interoperability is at the heart of everything we are doing at Swift to facilitate the seamless flow of value across the world […] Our experiments have demonstrated clearly that existing secure and trusted Swift infrastructure can provide that central point of connectivity, removing a huge hurdle in the development of tokenization and unlocking its potential.”

The Challenge of Interoperability

Tokenization is still in its early stages, but 97% of institutional investors believe it will revolutionize asset management. One of the main challenges is the lack of interoperability between different blockchains where tokenized assets are managed. Financial institutions currently have to build connections to each platform individually, leading to “significant operational challenges and cost.”

Technical Insights

Swift collaborated with financial institutions such as ANZ, BNP Paribas, and BNY Mellon, among others. Chainlink was used to securely connect the Swift network to the Ethereum Sepolia network. The experiments involved transfers of simulated tokenized assets between wallets on the same public Distributed Ledger Technology network, between two wallets on different public blockchains, and between a public and private blockchain network.

Future Prospects

Swift will continue to work with the financial community to identify the most compelling use cases for tokenized asset adoption. The most promising avenue, in the near term, appears to be in the secondary trading of non-listed assets and private markets.

Implications

The experiments signify a step forward in solving the interoperability problem that has been a bottleneck for the broader adoption of tokenized assets. By providing a single point of entry, Swift could potentially lower operational challenges and costs for financial institutions.

Conclusion

Swift’s experiments mark a significant milestone in the quest for interoperability in the tokenized asset landscape. While the technology is still in its infancy, Swift’s efforts could pave the way for more efficient and cost-effective management of digital assets, thereby accelerating their adoption in mainstream finance.

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Aave Outpaces Market with 9% Growth in Q2 2023, Launches GHO Stablecoin

by Blockchain News

In decentralized finance (DeFi) world, Aave has emerged as a frontrunner, demonstrating a 9% quarter-on-quarter increase in total value supplied in Q2 2023, outpacing the broader market, according to a recent report by Messari.

The report reveals several significant shifts in the deposit market share within the Aave ecosystem. stETH, a tokenized version of Ethereum staked on the Ethereum 2.0 blockchain, saw a 5% increase in its deposit market share. This growth in stETH deposits was accompanied by a minor decrease in ETH deposits, while Wrapped Bitcoin (WBTC) deposits experienced an increase.

Aave’s revenue also saw a substantial increase, with a 14% rise quarter-on-quarter, primarily driven by activities on the Ethereum Mainnet. This growth in revenue is a testament to the protocol’s increasing popularity and user adoption. Furthermore, the revenue share from Aave’s V3 markets doubled, suggesting a significant user migration to this newer version of the protocol.

Aave launched its native over-collateralized stablecoin, GHO, on July 15, 2023. The GHO token offers an optimized fixed rate for borrowing against any collateral asset on the Aave V3 market. This innovative feature is expected to attract more users to the platform, further driving its growth.

The report also touched on the proposed Aave Forest framework, aimed at enhancing the protocol’s security. This proposal underscores Aave’s

commitment to providing a secure platform for its users, a critical factor in the DeFi space.

Additionally, the report hinted at the imminent release of Portals, following developments from Chainlink. The release of Portals has been eagerly anticipated by the Aave community, and its launch could potentially mark the end of delays in its rollout.

In conclusion, the Q2 2023 report underscores Aave’s continued growth and innovation in the DeFi sector. With the launch of the GHO stablecoin, the proposed security enhancements, and the anticipated release of Portals, Aave is poised to maintain its leading position in the DeFi space.

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Chainlink Oracles Integrate with GMX DEX

by Blockchain News

Following the approval of a governance proposal, Chainlink’s decentralized oracles are going to begin integrating with GMX’s decentralized exchange (DEX). Over 96% of the GMX tokenholders who participated in the voting approved of the idea to give GMX v2 with greater “granular” real-time market data.

The functioning of perpetual DEXs and price-sensitive trading on GMX has been improved thanks to the introduction of new Chainlink oracles. These oracles were developed with the assistance of key contributors to GMX, who also helped build them. According to Johann Eid, who is in charge of integration at Chainlink Labs, the low-latency oracles will increase security, further decentralize the protocol, and improve the user experience.

These new oracles make use of the identical oracle node operators and data aggregation algorithms as are used in the already operational Chainlink reference feeds; the only difference is that the data is extracted at a greater frequency. It is anticipated that the low-latency oracles would provide a high degree of tamper-resistance while settling user transactions, hence increasing the level of security provided by the network.

It is anticipated that the incorporation of the Chainlink oracles would lessen the likelihood of GMX derivative traders being exposed to outdated price execution and value extraction. On the Arbitrum testnet, a beta version of the GMX-tailored, low-latency oracle feeds is currently accessible to users.

Chainlink will receive 1.2% of the protocol fees produced by the low-latency oracles that are part of the GMX protocol as payment for the service. In addition to the regular borrow costs and swap fees, the fees associated with margin trading are included in the protocol fees that customers must pay.

Eid indicated that Chainlink will continue to improve the quality of its oracle services to GMX in light of the protocol’s ongoing development and expansion. Although GMX is not the first perpetual DEX to come on board with the new kind of oracle, it is anticipated that the integration would deliver a more granular degree of real-time market data to GMX v2, hence boosting both the functioning of the platform and the quality of the user experience.

In conclusion, the integration of Chainlink’s low-latency oracles with GMX’s DEX is anticipated to improve the platform’s level of functionality and security, which will be to the advantage of the platform’s users and will contribute to the expansion of the DeFi ecosystem.

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StarkWare partners with Chainlink

by Blockchain News

An impending agreement between the blockchain scaling technology firm StarkWare and Chainlink Labs will result in the addition of Oracle services, data feeds, and price feeds to the StarkNet ecosystem. This relationship will be established in the near future.

Because of the relationship, StarkWare will take part in Chainlink’s Scale programme, and the price feeds for StarkNet’s testnet will come from Chainlink. In addition, StarkNet tokens will be used to fund some operating expenditures for Chainlink oracle nodes. This access to Chainlink oracle services and data feeds will be provided to Starket developers via the usage of StarkNet tokens.

Chainlink is a decentralised oracle network that enables smart contracts to access off-chain data sources, application programming interfaces (APIs), and payment systems in a secure manner. It makes it possible for smart contracts to interact with data and events that take place in the real world, which in turn makes it possible for them to be triggered by data that originates from outside sources.

The network makes use of decentralised nodes, which are entrusted with the responsibility of delivering smart contracts with data that can be relied on and is secure. In exchange, these nodes are rewarded with payments in Chainlink’s native LINK currency. The data that is supplied to smart contracts by node operators has been checked and calculated by those node operators before being submitted to smart contracts. This verifies that the information is accurate and may be relied upon.

According to a statement that was released by StarWare, an economically feasible framework has been built between StarkNet and Chainlink. It is also hoped that the integration would provide developers working on StarkNet with the basic infrastructure needed to build “highly performant, more sophisticated, and secure smart contract applications.”

Oracles are an important part of the system, and their value can be seen in a wide range of applications because to the flexibility they provide. Knowledge about the current value of assets or NFTs is required for a significant number of applications. Oracles are often compared to extensive toolkits due to their breadth of functionality.

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Coinbase Partners with Chainlink Labs to Launch NFT Floor Price Service

by Blockchain News

Blockchain infrastructure protocol Coinbase Cloud and decentralized oracle network Chainlink Labs have teamed up to launch an NFT floor price feed service.

The partnership will introduce the NFT lowest pricing source in the Coinbase cloud service, allowing developers to access real-time NFT prices to build applications such as NFT lending marketplaces, such as NFT indices.

The floor price of NFT represents the lowest purchase price of NFTs in a collection. Its feed service utilizes Coinbase Cloud’s NFT pricing algorithm to scan every NFT transaction in major market collections, estimate the current floor price and update it in real-time as new transactions are recorded.

Chainlink is for solving the Oracle problem within blockchain projects. Chainlink is an external data provider to blockchain projects. There are many cases where the trigger and execution of smart contracts rely on conditions of external data, like climate data. The key is that external data is reliable and tamper-proof. Chainlink manages to provide a standard process and APIs for easy use of external data.

This function developed by Chainlink Labs can provide a price reference for personnel in today’s turbulent NFT market, allowing developers to understand the price of each NFT collateral.

“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, the VP of Data at Coinbase.

The price feed service will initially support multiple blue-chip NFT series such as Bored Ape Yacht Club, CryptoPunks, CloneX and World of Women.

Today Chainlink, the pioneering oracle service provider in the blockchain industry, has introduced the Chainlink SCALE program to help boost the growth of its ecosystem users.

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SWIFT Works with Chainlink Labs to Develop Cross-chain Interoperability Protocol

by Blockchain News

Society for Worldwide Interbank Financial Telecommunication (SWIFT) has entered into a partnership with the Chainlink Labs Cross-Chain Interoperability Protocol (CCIP) to improve the efficiency of traditional finance (TradFi) on the blockchain.

Chainlink co-founder Sergey Nazarov announced this Wednesday at the SmartCon 2022 conference in New York City on Sept. 29.

SWIFT provides global businesses with one of the most robust financial information infrastructures, an interbank messaging system that allows cross-border payments.

The platform helps encode information so that members who register on its platform can easily understand it. The SWIFT system currently has more than 11,000 users in 200 countries.

To improve the gap between traditional and digital assets of TradFi institutions and allow more traditional financial (TradFi) participants to access a variety of digital and traditional assets on a network that can connect different types of asset classes, this partnership will enhance interoperability to benefit capital markets institutions.

CCIP will enable SWIFT messages to indicate on-chain token transfers, helping interbank networks to communicate across all blockchain environments.

Jonathan Ehrenfeld Solé, strategy director at SWIFT, said that one of the reasons for the success of the partnership with Chainlink on CCIP is the “undeniable interest” in cryptocurrencies from institutional investors.

Chainlink is a decentralized oracle network built on the Ethereum network, founded by CEO Sergey Nazarov.

The Chainlink network has made a name for itself by providing reliable tamper-proof data for complex smart contracts on any blockchain.

Built using the Ethereum ERC-20 standard, LINK is the native token of the Chainlink ecosystem. Node operators are paid in LINK for securing the network by staking the token. This incentivizes honesty and integrity among the nodes as penalties are incurred for dishonesty.

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Chainlink Introduces SCALE Program to Drive Ecosystem Growth

by Blockchain News

Chainlink, the pioneering oracle service provider in the blockchain industry, has introduced the Chainlink SCALE program to help boost the growth of its ecosystem users.

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The Chainlink Scale program will accelerate access to oracle products and services for both Layer-1 and Layer-2 protocols.

The Chainlink SCALE program has drafted top protocols, including Avalanche, Metis, Moonbeam, and Moonriver, as its partners with the plan to onboard more later on. These partners will contribute to the SCALE program by covering the operating costs of using Chainlink Oracle.

“The Chainlink SCALE program allows us to boost the growth of the Metis developer ecosystem while helping ensure Chainlink oracles operate in a cost-efficient manner on the layer-2 Metis network. By providing enhanced access to Chainlink services, developers on Metis can pioneer the next generation of decentralized applications that serve more complex use cases and scale to meet fast-paced global markets.” – Elena Sinelnikova, Co-Founder and CEO of Metis.

The SCALE program is a mutually beneficial one and will see Chainlink contribute to its partners’ growth by creating custom-made oracle services for the protocols.

This program is a part of the broader Chainlink Economics 2.0, an initiative that seeks to enhance data access and security and at the same time, make accessing oracle services cheaper for everyone.

“We’re excited to introduce Chainlink SCALE as a way to help rapidly accelerate the growth of blockchain ecosystems while putting in place a holistic economic model that is viable for the long-term success of blockchains, dApps, and the Chainlink ecosystem,” said Sergey Nazarov, Co-Founder of Chainlink, adding that “We look forward to collaborating closely with a growing number of blockchain ecosystems in their mission of bringing Web3 to the world.”

As a pioneer in the oracle provision field, Chainlink has continued to set the pace with its innovations to make Web3.0 accessibility faster.

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