Celsius Network Changes from CeFi to DeFi with Chainlink's Oracle Data Integration

Celsius Network, a crypto lending firm has teamed up with Chainlink to use its Oracle live data feeds to decentralize the process of estimation of interest rates on the platform. Chainlink has created a name for itself because of its Oracle real-world data feeds mostly used for smart contracts.

The partnership would see Chainlink put a portion of it's Bitcoin and Ether holding under Celsius management, while Celsius network would make use of Chainlink's pricing data for both on-chain and off-chain and put it into one price feed.

Celsius network has currently over $600 million worth of crypto assets under its management and offers above-market interest rates to its users. While up until now Defi applications were the primary users of the Chainlink oracle data are given its robust nature of pricing solution that it offers.

Chainlink's Oracle Data Service a big hit in the decentralized space

Celsius is not the only prominent firm which has joined on the oracle data bandwagon, many prominent defi projects have seen the advantages of using real-world data to robust and decentralize the data. Sergey Nazarov, CEO of Chainlink noted,

“We’re allowing [Celsius] to make data inputs decentralized and what this can do is it can create a certain amount of guarantees we can show on-chain. Here's the data that you were supposed to compute, here's the number you would have computed if your computations were working correctly and then here's the payment output you sent me.”

The recent crash in the crypto market on March 12 had quite a daunting impact on lending platforms as well. Many of those had to liquidate their collateral to solidify those loans as well.

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James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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