Tag: Oracles

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that the incorporation of the Chainlink oracles would lessen the likelihood of GMX derivative traders being exposed to outdated price execution and value extraction.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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This Year Will Be About DeFi and Oracles, According to Analyst Michaël van de Poppe – Here’s One Altcoin To Watch

by Dailyhodl

A popular crypto analyst is eyeing two key subsets of the crypto world and thinks one altcoin is primed to surge to the upside.

In a new strategy session, chart guru Michaël van de Poppe tells his 160,000 YouTube subscribers that after a lackluster 2021, data-feed service Chainlink (LINK) could carry the banner for both decentralized finance (DeFi) and oracle networks moving forward.

“A year ago we were at the exact same level as where we are right now. What does that mean? 2021 hasn’t been one of the best years for Chainlink, for oracles and DeFi.

But recently we’ve actually seen strength on the DeFi section and multiple DeFi protocols have been breaking out left and right, have been showing strength through which continuation seems very likely.

If DeFi is going to wake up nicely, Chainlink is most likely going to follow through.”

Oracles function by connecting real-world information with blockchains to execute smart contracts.

Van de Poppe notes Chainlink’s recent higher highs and higher lows against Tether (USDT) as he lays out 2022 price predictions for the crypto asset.

“If we do hold and have a higher low being made here at $19.50, we are going to attack the range highs again, and once we break through the range highs at $33 we are most likely getting ourselves into a new trend.

Then we are seeking for continuation with $77 and $120 [as] the next targets for Chainlink.”

Source: Michaël van de Poppe/YouTube

The crypto analyst concludes his annual crypto market assessment by saying,

“2022 is the year of DeFi and the oracles.”

Chainlink is currently up over 13% on the day to $26.83. The 17th-ranked crypto asset has been surging lately, vaulting higher by nearly 41% since the start of the new year.

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Blockchain tech firms AllianceBlock and Flare integrate technologies to expand their DeFi ecosystems

by Cointelegraph

AllianceBlock, a blockchain tech firm that seeks to bridge the gap between decentralized finance, or DeFi, and traditional finance, announced a partnership with fellow blockchain tech entity Flare.

Flare claims its layer-one, or blockchain protocol improvement, technology can bring smart contracts to cryptocurrencies such as XRP (XRP), Dogecoin (DOGE), Bitcoin (BTC), Algorand, and Stellar Lumens (XLM). In addition, Flare is also a decentralized oracle network, which seeks to enable blockchains to access real-world data in smart contract execution.

Meanwhile, AllianceBlock brings to the table its cross-chain interoperability solution AllianceBridge, its native decentralized exchange, or DEX, known as AllianceBlock DEX, decentralized peer-to-peer funding protocol AllianceBlock Fundrs, and its Compliance and Regulatory solution. Together, the two parties seek to enhance their blockchains for DeFi capabilities with each other’s technologies.

Asked about its DeFi and regulatory compliance services, Rachid Ajaja, co-founder and CEO of AllianceBlock, told Cointelegraph:

“With increased interest from traditional finance in DeFi, AllianceBlock’s Regulatory and Compliance layer will allow traditional institutions to access opportunities in DeFi in a variety of ways, such as creating compliant, tradeable certificate wraps out of liquidity mining tokens, yield farming, or NFTs.

Ajaja further explained that the firm’s regulatory and compliance products automatically check for non-compliant transactions before each trade. In addition, they can add such rules to smart contracts running on decentralized applications, or dApps, to ensure crypto exchanges and financial institutions stay up to date on the latest regulations.

Hugo Philion, Flare’s co-founder and CEO, said the following in regards to the capabilities of the network:

The Flare ecosystem is being built to “Unlock the Value” inherent in the 65% of blockchains that do not have native smart contracts by bringing, for the first time, true trustless usage of those tokens with scalable smart contracts.

He further elaborated on the company’s partnership with AllianceBlock:

“Communities that have previously been locked out of the smart contract revolution are now actively contributing to the space. Now with this exciting partnership and the integration by AllianceBlock onto Songbird, the Flare ecosystem gets to help unlock the value in Traditional Finance by enabling it to access Decentralized Finance.”