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Chainlink’s Price Oracles To See Widespread Adoption Among DeFi Protocols With Kyber Network

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.

Chainlink’s price oracles are quickly emerging as the industry-standard for DeFi — Cointelegraph (@Cointelegraph) June 14, 2020

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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