As developers begin deploying more hybrid smart contract applications on Solana, we expect Chainlink to play a pivotal role in its growth such as supporting a wider range of financial data and offering new data types and off-chain computations to enhance the oracle services available to developers. We are excited to see what applications developers create through the power combination of these two technologies.
For more information, check out https://solana.com/
SOURCE Chainlink; Solana Labs
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SAN FRANCISCO, Aug. 25, 2021 /PRNewswire/ -- We're excited to announce that Chainlink Price Feeds, the most widely used and time-tested decentralized price oracles in DeFi, are now running live on the Solana Devnet at sub-second updates. The Chainlink team plans to ship the mainnet integration before the end of Q4. The integration is the result of many months of close collaboration between Solana Labs and the Chainlink teams.
Developers on Solana can leverage Chainlink Price Feeds for highly decentralized, high-quality, and fast-updating price reference data to build a wide variety of hybrid smart contract applications in DeFi. Chainlink Price Feeds have consisted of sub-second data providers for years like Coin Metrics, Cryptocompare, NCFX, Tiingo, dxFeed, and many more (covering both crypto and traditional assets), and can now realize those speeds on-chain without compromising on quality or security thanks to a native integration with Solana's high-performance blockchain. With Solana supporting up to 65,000 transactions per second and per-transaction fees of less than a penny, adding Chainlink Price Feeds empowers DeFi app development that competes with CeFi trade execution and risk management quality.
Already securing tens of billions of dollars across the DeFi ecosystem, Chainlink Price Feeds leverage a network of professional nodes that source data from numerous premium data sources and institutional-grade benchmark providers to generate global market-representative prices with robust coverage and multiple layers of decentralized security to ensure precision, uptime, and tamper-resistance, even during periods of extreme market volatility. Development teams taking advantage of Chainlink Price Feeds on Solana can save considerable time and resources getting to market, given they don't need to build crucial backend infrastructure from scratch. Instead, developers can focus solely on their core business logic and bringing next-generation applications to users in the Solana ecosystem.
Solana is a high-performance, low cost, and tamper-proof blockchain network that enables developers to build scalable smart contract applications that operate at a global scale yet are secured by hundreds and eventually thousands of nodes. By leveraging the Proof of History clock-before-consensus and numerous other innovations in blockchain scalability such as Turbine, users can transact on the Solana network at high speeds without worrying about rising fees and throughput bottlenecks. Additionally, Solana supports established programming languages like C++ and Rust and maintains composability at the baselayer through a single global state, empowering innovative decentralized applications that truly scale.
The DeFi ecosystem on Solana is growing at an accelerating rate, and the vast majority of DeFi applications require external financial market data in order to execute key on-chain functions such as issuing loans at fair market prices, liquidating undercollateralized positions, triggering portfolio rebalances when certain price points are hit, settling options contracts at expiry, and much more.
The addition of Chainlink Price Feeds provides developers with proven decentralized oracle solutions that are pre-built and time-tested in production to secure high value operations. Importantly, Chainlink's Solana deployment has no dependencies on external blockchain networks such as Ethereum, allowing oracle updates to occur at the speed and costs native to the Solana network while still ensuring the highest quality of data and extreme level of uptime and tamper-resistance that developers have come to expect from Chainlink.
While other solutions have limited market coverage and suffer from substantial price delays, Chainlink Price Feeds offer low-latency updates with market coverage across all relevant traditional and decentralized exchanges. Each Chainlink Price Feed update represents carefully aggregated prices using a robust framework for source aggregation, suspicious volume detection, and decentralized computation. It's why Chainlink has remained accurate and available despite exchange downtime, flash crash outliers, and data manipulation attacks like flash loans.
"Integrating Chainlink natively into the Solana blockchain can significantly increase the rate at which Solana developers can build secure, high-throughput DeFi applications by providing them with direct access to reliable off-chain data and computation," said Anatoly Yakovenko, Founder and CEO of Solana Labs. "The combination of high-quality oracle infrastructure and Solana's high-speed blockchain network can enable DeFi applications to scale to a global level."
"With Chainlink Price Feeds providing sub-second updates on the Solana blockchain, smart contract developers will have the proven oracle infrastructure they need to build high-speed and tamper-proof DeFi applications," stated Sergey Nazarov, Co-founder of Chainlink. "We are excited to be supporting the growth of the Solana ecosystem through oracle networks that provide end-to-end decentralization, data accuracy, and a wide range of secure off-chain services."
About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
About Solana
Solana is the most performant blockchain in the world. It gives developers the confidence to build for the long term by delivering predictable scaling without compromising security or composability. Solana's performance is driven by intra-shard parallelism, which is capable of processing thousands of smart contracts at once, and by Proof of History, an innovation in distributed timekeeping that unlocks low-latency, sub-second finality across the global state. To learn more, please visit https://solana.com/.
