Matic Network Integrates Chainlink’s Decentralized Oracles And VRF for Growing DeFi Demand
- Matic Network successfully integrates Chainlink decentralized price oracles.
- At launch, Chainlink will offer five key price feeds, including MATIC, ETH, USDC, USDT, and DAI.
- Chainlink’s VRF is set to launch on MATIC blockchain in the future.
Matic Network became the second native blockchain to integrate Chainlink’s decentralized price oracles after Ethereum. At launch, Chainlink will offer trusted price feeds on five cryptocurrencies against the dollar, including MATIC/USD, ETH/USD, and three stablecoins (USDT/USD, DAI/USD, and USDC/USD).
Matic Network’s integration of Chainlink oracles aims to boost decentralized finance (DeFi) projects on the blockchain. Chainlink provides DeFi developers with “access to high-quality data, decentralized oracle infrastructure, and Sybil resistant oracle nodes,” allowing them to monitor and manage the platform’s prices and node functions in real-time. Matic statement reads,
“The result is highly available, accurate, manipulation resistant, and transparent oracle networks for getting any off-chain resource necessary for success,”
Several DeFi projects built on Matic have already started to use the decentralized price feeds to execute their key functions. Chainlink’s decentralized oracles are being used on the under-collateralized lending platform, EasyFi, and predictions and betting markets, PlotX enhancing functions such as,
“checking loan collateralization, minting and swapping synthetic assets at fair market prices, and settling up the prediction markets.”
Chainlink is pushing blockchain technology into the mainstream, as explained in a previous article. The DeFi field has been one of the biggest beneficiaries, with over $4 billion in assets secured using Chainlink’s price feeds. Matic aims to witness a similar effect following the integration of Chainlink by “accelerating their go-to-market and avoid the pitfalls faced in building their own data oracles,” the statement read.
“We’re confident that Chainlink Price Feeds are an optimal solution for Matic DeFi developers needing secure, reliable, and ready-made oracle solutions that can easily be integrated into their protocols.”
Apart from the decentralized price data feeds, Matic Network will also welcome Chainlink’s Verifiable Random Function (VRF), enhancing fairness across gaming and gambling platforms. Chainlink will also be available as a general-purpose oracle solution allowing connection to an off-chain API.