Hedera Hashgraph Partners With Oracle Solutions Provider Chainlink Labs

Leading Oracle solution Chainlink Labs would be joining the Hedera Governing Council, the governing arm of the distributed ledger company Hedera Hashgraph. This was made known in an announcement on its website.

Chainlink To Integrate With HTS

Chainlink has also been selected as the oracle partner for the Hedera network and will integrate its protocol with the Hedera Token Service (HTS). The HTS allows for the minting, management, and transfer of fungible and non-fungible assets on the blockchain.

Hedera says the partnership provides centralized financial services access to the distributed computational trust, visibility, and control the blockchain ecosystem offers. Chainlink would join the Governing Council as the 21st member.

Hedera will have a maximum of 39 members in its Governance Council. Other council members include major enterprises like IBM, Tata Communications, FIS Global, Nomura Holdings, Google, Deutsche Telekom, Boeing, and DLA Piper.

Speaking on the new development, Chainlink’s Managing Director for Business Development and Strategy David Post said that as blockchain technology continues to advance, decentralized oracle solutions become more important given their myriad use cases.

Post also asserted that Chainlink would expand its suite of smart contract-related services. This would be targeted at empowering a vast array of secure, feature-rich applications.

“To power a vast array of secure, feature-rich applications, it is a very natural progression for us to join the Hedera Governing Council and work with the leading enterprise-grade public network and their other Council members to make Chainlink the default oracle provider for enterprise applications.”

The Boom In DeFi

Cryptocurrencies have been the most talked-about asset class in the past few years. This has been primarily due to the growing adoption by institutional investors who view these lines of digital assets as a better store of value than gold and conventional fiat.

Bitcoin, the first-ever cryptocurrency made globally, has been the face of the nascent industry as it has surged 90%, leading the emerging space to its first trillion-dollar valuation in less than a dozen years.

Even though many crypto investors associate the crypto space with Bitcoin, as per a report by top US crypto exchange Gemini, many other crypto protocols and sub-sectors have also posted positive returns.

One of the best-performing has been the DeFi space. The sub-sector, which has its home primarily on the second most valuable cryptocurrency Ethereum has enjoyed wide adoption.

Following the DeFi protocol Yearn Finance launch in early 2020, DeFi has seen exponential growth, snapping up over 15% of the market share in just a year.

DeFi focuses on providing legacy-backed financial services like earning interests on your savings, lending, borrowing, insurance, and asset speculation. The interest payments have been the main attraction as some projects paid as much as 20% for keeping crypto funds on the platform. This is in contrast to conventional banking rates, which are below 1%.

Chainlink, which provides decentralized oracle solutions to enterprise users, surged over 500% in 2019, rising from just 30 cents to more than $4.27 in June of the same year.

At the time of publishing, 1 LINK currently goes for $31.72.

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