Chainlink Oracles Integrate with GMX DEX

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that the incorporation of the Chainlink oracles would lessen the likelihood of GMX derivative traders being exposed to outdated price execution and value extraction.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

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

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

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

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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DeFi Platform Space and Time Pulls $10m in Series A Funding

Decentralised Finance (DeFi) startup Space and Time has pulled  $10 million in a Series A funding round as the firm seeks to develop its one-in-a-kind cryptographic protocol called proof-of-SQL.

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The funding round was led by Framework Ventures and enjoined participation from Digital Currency Group, Stratos, Hashkey Group, IOSG Ventures, STARDUST, and Bitscale Capital amongst others. Built on the SQL database querying language, Space and Time’s Proof-of-SQL is billed to allow blockchain applications to rapidly generate analytical insights in a decentralised, low-cost and secure way.

The startup was incubated as a part of the Chainlink Labs incubation program. Per its design, Space and Time uses Chainlink Oracle and other systems to pull out data that it processes off-chain, by-passing the associated gas fees and low throughput consistent with blockchain protocols. Once the data is processed, the protocol then transmits the results to a validation layer where they can be verified.

Following its verification, the data is sent back on-chain, and here is where the blockchain protocol requesting the data can pull it out.

“A key issue with decentralised applications is having to work with centralised databases that have the ability to tamper with data,” said co-founder and CEO Nate Holiday. “Users can see data coming in but cannot tell if anyone has added information to that data, which could be done in a malicious way. The proof-of-SQL model would show users evidence of any tampering, such as if someone changed the query results in the middle of the query.”

Developing a new protocol is one of the major things that distinguish startups in the digital currency ecosystem and accounts for why some investors have chosen to keep bankrolling protocols proven to have the right infrastructure even in this crypto winter. Just like Space and Time, Magic Eden comes off as one of the many firms that have landed venture capital funding in the past few months.

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Polkadot Developers Gains Access to Chainlink Oracle Through Moonbeam Integration

Thanks to the latest integration of Chainlink oracle into the Moonbeam smart contract platform, developers in the broader Polkadot ecosystem can now access reliable price feeds as they seek to build functional DApps. 

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While the access to Chainlink oracles was first introduced into Moonbeam back in December last year, the access was to permit the parachain’s developers to access the needed data through the Chainlink oracle resident on Polkadot. The latest integration is a more direct linkup and is projected to expand the activities on the Moonbeam network.

 

“Price Feeds complete a critical component of Moonbeam’s developer infrastructure, and that’s something that will lead to the development of future DeFi products,” Niki Ariyasinghe, global head of partnerships at Chainlink Labs, said in a message.

 

Chainlink Oracles helps developers within a blockchain ecosystem work with external data from a particular protocol, helping to create applications based on data integrity. Considering how vital their roles are in the industry, stakeholders within the Moonbeam community had been requesting that Chainlink oracle be integrated for quite some time as confirmed by Derek Yoo, founder of the Moonbeam Network.

 

“Chainlink was a top requested feature from our community, and with the integration in place, friction is further reduced for developers building DeFi and other use cases,” Yoo said, noting that Chainlink is a “reliable oracle service.”

 

The Moonbean Network came on as the second winner of the parachain auction slot to build on the Polkadot blockchain back in November last year. Like the other winners including the Astar Network and Acala amongst others, Moonbeam is interoperable with the main Polkadot block known as the Relay Chain as well as the other parachains.

 

This interoperability will easily aid the integrated Chainlink Oracle to feed every developer in the Polkadot ecosystem, helping them to create new solutions across the board.

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21Shares Lists Chainlink, Terra, And Uniswap ETPs on Euronext Paris and Amsterdam

The Swiss fintech company – 21Shares – announced the listing of three exchange-traded products on Euronext Paris and Amsterdam. The ETPs will track the performance of Chainlink, Terra, and Uniswap.

More ETPS From 21Shares

The Switzerland-based investment product issuer has been active on the digital asset scene lately. Last week, it listed Aave, Chainlink, and Uniswap ETPs on the BX Swiss.

According to a document seen by CryptoPotato, the company continued by adding three cryptocurrency exchange-traded products on Euronext Paris and Amsterdam. The underlying assets are Chainlink, Terra, and Uniswap.

21Shares described the first as a “sophisticated oracle network” that allows developers to create efficient blockchains for real-time data and computation. Chainlink could be employed in insurance products, NFTs, decentralized finance, and gaming applications. The ETP will trade under the ticker ALANK NA, ISIN on Euronext Amsterdam, and ALANK FP, ISIN on Euronext Paris.

Terra is among the largest ecosystems in the digital asset universe, having more than $18 billion in total value locked (TVL), 21Shares continued. A top feature is its borrowing protocol – Anchor – allowing investors to general yields on their investments. Terra’s ETP symbols will be LUNA FP ISIN on both Euronext Amsterdam and Paris.

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21Shares described Uniswap as an advanced protocol that delivers liquidity and trading for tokens part of the Ethereum blockchain. Its ecosystem has integrated more than 300 tools and applications, with a trading volume of over $780 billion. Ticker for Euronext Amsterdam: AUNI NA, ISIN and AUNI FP, ISIN for Euronext Paris.

Hany Rashwan – CEO and Co-Founder at the Swiss company – opined that the newest opportunities will allow investors to become part of the “unique, innovative, and fast-growing crypto ecosystem.”

“This is another exciting addition for us as we continue to expand our massive product suite,” he concluded.

The First Issuer of Crypto ETNs on Nasdaq Stockholm

At the end of last year, 21Shares listed physically-backed cryptocurrency exchange-traded notes on Nasdaq Stockholm with Bitcoin (ticker symbol: ABTC) and Ethereum (AETH) as underlying assets. Thus, the entity became the first issuer of such financial products on that stock market.

Rashwan outlined back then that Nasdaq Stockholm is one of the most “tech-forward” global exchanges. “Our partnership is a strong endorsement of 21Shares’ mission to make cryptos more accessible in a simple and regulated manner,” the exec stated.

It is worth noting that in 2015 Nasdaq Stockholm became one of the first bourses to trade exchange-listed products with bitcoin as an underlying asset.

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Solana (SOL), Chainlink (LINK) and Three Additional Altcoins Are Ones To Watch This February: Crypto Analyst

A top crypto analyst and trader is naming Solana (SOL), Chainlink (LINK) and three other altcoins as the digital assets to watch this month.

In a new video, pseudonymous trader Altcoin Sherpa says that he expects one more leg down for smart contract platform Solana to around $65 before it can ignite a relief rally to his target at $140.

“I would just like to see this area [$60-$70] get tapped several times and then form some sort of bottom and then probably come up, hit this high volume node again around $140 and then probably come back down.”

Another coin on the trader’s list is decentralized oracle network Chainlink, which he says looks bullish as it trades close to a key support area.

“You can probably just look to buy any dip for LINK. I think that it’s possible that we might see [a] return back lower as well down to $15 or so, somewhat like a double bottom in the lower timeframe charts. To me, this looks pretty strong given it’s at range lows, given its high sell volume, given that we’re seeing dips getting bought pretty quickly.”

Next up is blockchain-based game Axie Infinity (AXS). Altcoin Sherpa predicts a strong rally for Axie Infinity as the coin continues to respect support at $45.

“You can still hit like a 2x or something like that from $45 to $90 or some of these levels up [above $110]. It’s certainly possible that this comes.”

While Altcoin Sherpa is currently bullish on AXS, he does not expect the coin to print a new all-time high anytime soon.

The crypto analyst is also keeping an eye on Kyber Network Crystal (KNC), an Ethereum-based token used to pay fees on the Kyber Network. According to Altcoin Sherpa, KNC looks very strong right even amid the general bearish trend across the crypto markets.

“I would just consider buying any dip personally. Looking for resistance levels, I would look for around $2.40 or so.”

The last coin on the analyst’s radar is Near (NEAR), a developer-focused blockchain designed for scalability and stability. Altcoin Sherpa predicts one more move down for NEAR before rallying to his target at $14.

“It’s possible that we see maybe one last potential shakeout to $8 or so, and I do have bid there. But overall, this coin has held up pretty strong, and to me, this coin looks a little bit better than many other coins right now.”

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21Shares Adds Aave, Chainlink, and Uniswap ETPs on BX Swiss

21Shares AG – a Switzerland-based investment product issuer – announced the listing of three new cryptocurrency exchange-traded products on the BX Swiss. Aave, Chainlink, and Uniswap are respectively the underlying assets of the ETPs.

Additionally, the global investment manager – VanEck – introduced its first multi-token cryptocurrency fund.

Diving Deeper into ETPs

According to a recent press release, 21Shares has doubled down on its digital asset endeavors by rolling out three more exchange-traded products based on cryptocurrencies. The ETPs are now listed on the stock exchange operator BX Swiss and track the performance of the following projects: Aave, Chainlink, and Uniswap.

The company described the first as “the forefront of decentralized finance through its open-source, non-custodial liquidity market protocol.”

Chainlink, in turn, is among “the most sophisticated networks” which has grown to encompass a significant number of use cases for DeFi, NFTs, and gaming applications, 21Shares outlined.

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Uniswap delivers liquidity and trading for tokens of the Ethereum blockchain. The rapid development of the project has allowed its ecosystem to integrate more than 300 applications, compassing for a trading volume of over $750 billion.

Hany Rashwan – CEO and Co-Founder of 21Shares – pointed out that the most recent listings will enable investors to gain greater access to the crypto world.

“This is another exciting addition for us as we continue to expand our massive product suite,” he emphasized.

At the end of 2021, 21Shares listed its first physically-backed ETNs on Nasdaq Stockholm. The underlying assets of the products were Bitcoin and Ethereum, as they came under the ticker symbols ABTC and AETH.

As of February 2022, the Swiss organization manages over $2 billion in 26 cryptocurrency ETPs and 87 listings, including the only ETP tracking the world’s leading crypto exchange – Binance.

VanEck’s Newest Fund

According to a separate press release, the New York City-based financial institution with more than $80 billion in assets under management (AUM) has launched its first multi-token digital asset fund.

The product is listed as an ETN on the SIX Swiss and Deutsche Borse Xetra exchanges and provides European investors exposure to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polkadot (DOT), Polygon (MATIC), Tron (TRX), and Avalanche (AVAX).

Gijs Koning – Co-Head of VanEck Europe – reminded that his company had been an advocate of the cryptocurrency industry since 2017 when few enterprises believed in its merits.

“We were first to market in Europe with many of these exposures because we’re believers in the transformative nature of the underlying technologies and because providing exposure to transformative investments is at the core of our firm’s DNA,” he underlined.

While initiatives on European soil are thriving for VanEck, this is not the case for its endeavors in the United States. Last year, the firm filed with the SEC to launch a spot Bitcoin ETF, but the financial regulator eventually rejected the proposal.

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