Chainlink’s Price Oracles To See Widespread Adoption Among DeFi Protocols With Kyber Network
Chainlink’s Price Oracles To See Widespread Adoption Among DeFi Protocols With Kyber Network
June 15, 2020
Chainlink’s Price Oracles To See Widespread Adoption Among DeFi Protocols With Kyber Network
Chainlink’s Price Oracles To See Widespread Adoption Among DeFi Protocols With Kyber Network
June 15, 2020

Chainlink’s price oracles are continuing to see widespread adoption among decentralized finance (DeFi) protocols, with Kyber Network (KNC) integrating the price feeds on its KyberSwap token swap service.

It has been reported that KyberSwap is the third DeFi platform to integrate Chainlink’s price data this month by signposting Chainlink’s increasing dominance over the niche market.

However, price references displayed for token swaps on the platform now derive from both Kyber Network’s native feeds and Chainlink oracles.

A blog post published by KyberSwap describes the integration as protecting users executing token swaps from slippage while safeguarding against price manipulation.

Sunny Jain, the head of product of KyberSwap, said:

“KyberSwap is glad to work with a reputable project like Chainlink and its decentralized oracle network to provide reliable price feeds for our non-custodial token swap platform and improve the overall trader experience.”

Johann Eid, the Product Manager at Chainlink, said:

“We’re excited to integrate Chainlink Price Reference Data with KyberSwap to bring more security and reliability to the price feeds their traders rely on for calculating slippage.”

Likewise, Chainlink’s price feeds are quickly becoming the industry-standard of the DeFi sector, with at least three decentralized finance projects incorporating the company’s data in June so far.

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It has been analyzed that on June 2, AVA announced that it had begun integrating Chainlink’s feeds to make the price data available to developers building applications on the AVA network ahead of its mainnet launch this season.

Kevin Sekniqi, the co-founder of AVA Labs, said:

“Chainlink provides access to the feeds of financial data and real-world information necessary to build new financial instruments and the next wave of decentralized finance.”

Thus, he added:

“When you look at the outstanding growth of Ethereum’s DeFi community, it’s clear just how important powerful oracles can be when deployed by talented developers.”

Source: Cointelegraph | Image: Pixabay


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.