Home » Matic selects Chainlink as its decentralized oracle solution

Matic selects Chainlink as its decentralized oracle solution

by Lisa Zheng

Matic Network successfully deployed Chainlink on its network, becoming the second successful blockchain to integrate the price feed oracles after Ethereum.

The mainnet supports five price feeds, including USDC/USD, MATIC/USD, ETH/USD, USDT/USD, and DAI/USD. 

As per the news doing rounds in the crypto circles, more price feeds would facilitate extended support for the Matic Network’s DeFi capabilities. Matic said that the Chainlink feeds would serve as an optimal solution for the DeFi developers on the network, offering ready to use and safe oracle solutions to integrate easily on their protocols.

The ready to use Chainlink oracles helps the developers to quickly devise solutions meeting the fast market timelines.

Matic  Endorses ChainLink

Along with the oracle feeds, Matic also revealed its intent to launch the Verifiable Random Function (Chainlink VRF) on the network. Matic announced on its official blog that they have several DeFi projects being developed on its system are aligned with Chainlink. PlotX, EsyFi, and a few other projects to work on the Chainlink. The company also revealed an exclusive Matic network Chainlink implementation, the digital bridge project 2FA Oracle which would help developers add robustness to their smart contracts by dicing an additional security layer. Matic is strongly endorsing Chainlink as a general-purpose oracle solution for its developers for developing externally connected blockchains using Chainlink for off-chain API connection.

Matic is a layer two solution that offers Ethereum tooling allowing the developers to quickly deploy Ethereum smart contracts and implement them on the mastic sidechains. Matic thereby became the first outside of the Ethereum network to integrate live Chainlink feeds on its system allowing developers to create fair chance games and other innovative dApps.

Chainlink Oracles are being widely supported by various Decentralized exchanges to enable the developers to build applications that have access to fast and up to date prices. Two Weeks ago, Zenlink announced integrating Chainlink Oracles on Polkadot. With its widely adopted and trusted model, Chainlink provides fast and accurate data through reliable feeds.

As per Matic, it chose Chainlink Oracles due to the diligence, reliability, and transparency of the system that allows connecting to real-life data.

After the announcement, the share price of Matic and Link increased by approximately 4 percent.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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