On Nov. 19, 2020, Matic Network, the go-to Layer 2 Solution for developers, announced the integration of the Chainlink (LINK) oracle solution for developers.
Matic is now the second blockchain, after Ethereum, to tap into Chanlink’s price feed oracles for access to real-world data.
The Matic team has so far launched MATIC/USD, USDC/USD, ETH/USD, USDT/USD, and DAI/USD price feeds into mainnet. Many more feeds will be launched in the future as Matic sets its sight on supporting decentralized finance (DeFi) on its network.
Top DeFi projects building on Matic have already committed to using Chainlink’s fresh price feeds sourced from high-quality off-chain data aggregators.
One example is DefiDollar, a Meta stablecoin index backed by multiple DeFi protocol’s LP tokens. More recently, the EasyFi DeFi project also integrated LINK’s decentralized oracle network to access dependable price feeds within their lending protocol securely.
The Chainlink oracles represent critical pieces of infrastructure via which dApps can execute key DeFi functions such as checking loan collateralization, minting, and swapping synthetic assets at fair market prices and settling prediction markets.
Chainlink VRF To Launch Soon on Matic Mainnet
Chainlink Price Feeds will provide an optimal solution for DeFi developers on the Matic ecosystem seeking definitive truth delivered via secure, reliable data feeds.
Besides the Chainlink Price Feed integration for DeFi, Matic also plans to roll out the Chainlink VRF (Verifiable Random Function) to support a new wave of scalable gaming apps dependent on provably fair randomness.
Projects such as Aavegotochi, FarmTogether, and more to be announced soon are already making plans to implement Chainlink’s VRF into their protocol.
In addition to bringing market leading price data feeds and VRF to Matic, Chainlink will also be available as a general-purpose oracle solution for connecting to any off-chain API. This flexibility will empower the development of nearly any externally connected blockchain app.
Digital Bridge, a 2FA oracle that facilitates developers to build an extra security layer into their smart contracts, is already leveraging Chainlink’s unique launch on the Matic network.
Other leading DeFi projects, including AAVE and Synthetix, which critically need secure, reliable, and ready-made oracle solutions, have also integrated Chainlink Price Feeds into their protocols.
The move to tap into Chainlink’s decentralized oracle network has proven to secure more than $4 Billion in USD value on mainnet for business startups and established DeFi projects.
LINK Price Oracles Dominate DeFi Data-Feeds
Chainlink’s price oracles are rapidly emerging as the go-to data source for DeFi protocols. The project enables developers to launch a smart contract by implementing off-chain price data into their on-chain apps, verified by a decentralized oracle network.
Chainlink has created a vast and valuable public resource that is attracting numerous projects. Top names in the blockchain space such as Matic, KyberSwap, and Aave have integrated Chainlink to date.