In a newly announced integration plan, Equilibrium will Use Chainlink Price Oracles to Power Stablecoins, Lending, and Synthetic Assets on Polkadot. Chainlink price data feeds and information from real-world data will help in the easy issuance of loans, price collaterals, and smooth trades of synthetic assets.
Equilibrium and Chainlink collaborate
Equilibrium and Chainlink have partnered and this collaboration holds significance in powering stablecoins. Equilibrium made an announcement that it has tied up with Chainlink to integrate a Chainlink price feed which will strengthen stablecoins, lending, and synthetic assets on its cross-chain money market on Polkadot. The new integration of the price feeds will proffer its smart contracts with the precise valuation of assets. The information can then be used to issue loans, price collateral, and execute trades of synthetic assets and all of it in a transparent and decentralized manner.
Equilibrium believes that Chainlink was the relevant partner for this proceeding because its solutions are time-tested and its technological features are hugely competitive.
How will Equilibrium use the Chainlink oracle?
As per the details given by Equilibrium, it will make use of the Chainlink oracle pallet inside its own substrate. A whitelist of nodes and validators already present in the system will feed prices to the Equilibrium which will be sourced from Chainlink. Eventually, when the parachains appear on Polkadot, Equilibrium will make the move and integrate with the parachains with the help of its cross-chain messaging feature strengthening message channels between two chains.
Equilibrium CEO Alex Melikhov is excited about the journey and exclaims:
“We’re excited to bring cross-chain DeFi to Polkadot, and enable money legos across chains. The Chainlink integration is an easy choice for us to be able to show our users that we’re treating their funds with the utmost security and care. As the most secure and decentralized blockchain oracle, Chainlink ticks all the boxes to help us bring secure DeFi products quickly to market.”
Chainlink is considered the most widely used as well as the safest way to power smart contracts. Thanks to Chainlink, now developers can connect any blockchain with high-quality data sources from other blockchains and real-world data. It is administered and managed by a global decentralized community, and with its continuous innovation, it seeks to introduce fairer and clearer models for the contract.
Chainlink has established a strong partnership with several renowned names, and its catalog is full of names like Google Cloud, Travala.com, Ethereum Classic, and many more. The market for oracle providers is getting intensely competitive with names like Band protocol slowly eating away its market share. Hence in the game of providing price feeds and real-world data, it is important to keep innovating and keep staying relevant.
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