Radix/Chainlink integration to aide DeFi development
Radix, a layer-1 protocol built specifically for decentralized finance, this week announced it will integrate with Chainlink to make DeFi oracles easily accessible to developers. Chainlink oracles will give Radix developers access to a wide range of secure, accurate, off-ledger data. This data will help Radix developers as they recreate traditional financial services as decentralized apps and develop DeFi products in the Radix ecosystem.
A key need for DeFi application developers is access to market data. Because not all market data is inherently available within the network itself, Radix dApps need to access off-ledger sources to obtain such information. Oracles solve this problem by interfacing with off-ledger APIs to make off-ledger data natively accessible within Radix.
After reviewing oracle solutions, Radix selected Chainlink to open up a variety of data types. The company’s immediate focus will be integrating Chainlink’s price feeds, which already service many top DeFi applications including Synthetix, Aave, and Bancor.
“Giving Radix developers access to a wide range of high-quality data is vital to our mission of providing the best infrastructure to build next generation DeFi products,” said Piers Ridyard, CEO of Radix. “Chainlink’s price oracles enable Radix developers to offload complex and time-consuming oracle infrastructure to industry experts, allowing our ecosystem to focus solely on designing smart contract applications that re-architect the global finance system.”
“We’re excited to empower developers to build next-generation DeFi applications on Radix’s innovative layer-1 protocol by providing them with secure and reliable oracle solutions,” said Daniel Kochis, head of Chainlink business development. “By making in-demand market data accessible via Chainlink oracles, we’re confident that the Radix platform can support a plethora of new data-driven financial products for both crypto and traditional asset markets.”
Through access to high-quality market data in a highly available and tamper-resistant manner, Radix developers can start building a wide range of DeFi applications including financial derivatives, decentralized lending products, asset management services, and more.