Matic Network Announces Full Launch Of Five Chainlink Price Feeds
Matic Network Announces Full Launch Of Five Chainlink Price Feeds
November 21, 2020
Matic Network Announces Full Launch Of Five Chainlink Price Feeds
Matic Network Announces Full Launch Of Five Chainlink Price Feeds
November 21, 2020

Matic Network, a smart-contract platform, announced the full launch of five Chainlink price feeds that are set to power its ecosystem.

It has been reported that though there are many promised or existing Chainlink integrations outside of Ethereum, the majority of them are still in development or are indirectly using Ethereum feeds.

However, Matic now features five price feeds: MATIC/USD, USDC/USD, ETH/USD, USDT/USD, and DAI/USD, promising that more will come later.

The report said that Chainlink’s Verifiable Randomness Function is set to be integrated soon as well, which would allow Matic app developers to build provably fair chance games or other integrations.

The team said that the integration will be crucial for decentralized finance developers wishing to build on Matic, pointing to several projects, such as EasyFi and PlotX, which already committed to using Chainlink oracles.

Likewise, the race for layer-two scaling to power the next cycle of DeFi adoption often sees Rollup-based projects as the favorites.

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Sandeep Nailwal, the co-founder of Matic Network, said that Matic’s hybrid approach is already generating interest, despite many being critical of Plasma as a solution for smart-contract scaling.

He added:

“The viability of Plasma for DeFi is a hotly debated topic but there is no other Plasma implementation in production apart from Matic. And turns out that in production it works fine and has not encountered any issues after 4+ months of launch of mainnet.”

Nailwal argued that the flexibility of Matic by letting developers choose between Plasma and proof-of-stake can entice different types of developers.

He added:

“Many apps like Games, VR spaces use pure POS while some DeFi and prediction markets choose Plasma.”

He further said that like other layer-two solutions, Matic supports Ethereum tooling and allows developers to “simply pick up their Ethereum smart contracts and deploy it on Matic sidechains within a matter of minutes.”

While Matic has been somewhat left out of mainstream comparisons, direct support from Chainlink can strongly contribute to further adoption.

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Nailwal continued:

“We believe Chainlink’s decision to build on Matic was rationalized on the basis of where the greatest demand for its services lies.”

Thus, he concluded that the number of prediction markets building on the platform, which have a particularly pronounced need for reliable price information, likely contributed to the decision to integrate Matic.

Source: Cointelegraph


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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.