AVA Labs Integrates Chainlink’s Decentralized Oracles to Improve DeFi Dapps Development
AVA blockchain, becomes the latest platform to add Chainlink, a decentralized oracle system to its platform. The integration of Chainlink to the Dapp blockchain platform will reduce the development time and allow the creation of new products on the platform such as crypto derivatives, calculation of strike prices and triggering liquidations.
In an official report released on Medium AVA Labs, the development team behind AVA blockchain, will integrate Chainlink’s decentralized oracle system on the blockchain. AVA is a platform that enables developers to create decentralized financial applications on the blockchain.
Chainlink’s multiple sources of data oracles will prevent single point of failure (SPOF) attacks in price data retrieval. Moreover, it reduces the overall development time needed on the DApps, as well as allowing tokenized traditional assets & derivative instruments and expanding the toolkit available to devs. In an official statement to BEG, Emin Gün Sirer, CEO and Co-founder of AVA Labs, said,
“A core design principle for us is to make it dead simple for developers to build without limits on the AVA network, and that means integrating with best-in-class tech that is secure, reliable, and trusted. Any decentralized finance application on Ethereum that uses those tools and Chainlink data will soon be able to dramatically increase the velocity and volume of transactions, while also providing a far superior user experience.”
Chainlink has gained quite a repertoire over the last few months with multiple open finance platforms, exchanges and even other price oracles integrating the system. Several smart contract developers lead the security of the oracle systems on ‘Sybil-resistant’ node operators that source data from premium and trusted data centers. The increased demand in Chainlink has seen the overall number of nodes increase and the fees spiking by 1% as consumption of gas increased in the past month.
Speaking on the latest integration, Sergey Nazarov, Co-founder of Chainlink, showed his excitement in partnering with AVA. He further said,
“Due to the scalability of AVA’s subnets, developers can expect to have large amounts of data available to them for the creation of various DeFi Dapps.”