What Happened: Chainlink LINK/USD, an Ethereum-based application that brings off-chain data to blockchains, is now live on Metis Andromeda. Off-chain data refers to any real-world data not natively tracked on a blockchain (i.e. on-chain), including price feeds, supply chain tracking, and weather data. Chainlink’s price feeds allow developers on Metis to build feature-rich, secure, and decentralized applications without adding centralization risks of traditional data APIs.
Metis is a layer 2 scaling solution for Ethereum that allows users to interact with DeFi protocols for low transaction costs and quick transaction finality. Chainlink’s price feeds ensure these protocols’ smart contracts receive up-to-date and accurate information at all times, allowing for a more secure and streamlined user experience.
Why It Matters: Price feeds provided by Chainlink are validated by several node operators, eliminating the risk of downtime from a centralized party or malicious actors. Notably, Chainlink already provides pricing data to decentralized applications managing over $10 billion of digital assets.
Co-Founder of Metis Yuan Su explains: "Blockchain, in our eyes, is not a niche playground for enthusiasts but rather an essential part of everyday life. In order to achieve that mission, we need everyday data on-chain. Thus, Chainlink is a critical piece, which ensures the integrity of data on-chain via decentralization. Because the businesses will rely on data to operate, the data integrity is the single most important element of all."
Based on Chainlink’s architecture, it excels at providing accurate and timely price data in an on-chain and decentralized manner. However, other protocols, such as UMA, use Optimistic Oracles to gather other data types, such as supply chain data and election outcomes. That being said, Su is confident that Chainlink can provide this data, given the flexibility that Metis offers:
"From Metis’s point of view, though price feeds are important to fuel the capital market, everyday data is exponentially more important because the businesses using Metis impacts every one’s life," he said. "Data such as supply chain, traffic stats, sales and even poll results are essential data for businesses to make decisions."
"Metis’s unique architecture allows Chainlink to update everyday data in a timely and inexpensive way to power all web3 enabled businesses to make prompt decisions in the face of the ever-changing market conditions. We are extremely excited to explore along with Chainlink to bring more data on chain to reform the economy based on decentralization together," he added.
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