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Chainlink delivers market data on the Solana blockchain

 


Chainlink will provide a total of 7 price feeds on the Solana blockchain. Including the trading pairs BTC/USD, ETH/USD and USDC/USD. More feeds are to follow in the future. The data provided by Chainlink is considered particularly reliable and represents a solid basis for many DeFi protocols that are based on different blockchains.


This is achieved via so-called oracles, which provide reliable data that is outside of a blockchain or available on another blockchain. Although very different use cases are conceivable for this, Chainlink plays a special role in the area of ​​decentralized finance. Because in this way, decentralized stock exchanges, for example, can determine the prices for virtual assets more reliably.


With the integration, Chainlink is further expanding its dominant position in the market. Its oracles are practically a pillar of the decentralized financial market, which mostly takes place on the Ethereum blockchain.


Solana struggles with childhood illnesses

Not only Chainlink promises a lot from Solana. The blockchain is capable of handling up to 65,000 transactions per second. However, since last year there have been repeated failures of the entire network and in practice the transaction throughput is much lower.


While Solana is indeed fast and cheap, the defaults are proving to be a major betrayal of investor confidence. From margin trading to lending, all popular decentralized finance products are represented on Solana via various protocols. However, if the blockchain fails, it can be expensive for investors because they can no longer manage their positions.


The integration of the price feeds is therefore positive, but it is not the most important construction site that currently has to be worked through. Only on Wednesday did the network fail again and had to be restarted. It was the seventh incident of this type in the last 12 months.

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