Leading Tezos (XTZ) teams, SmartPy and Cryptonomic, are making Chainlink (Link) oracles natively available on the Tezos network. Both the teams received a grant from the Tezos Foundation to integrate Chainlink oracles into Tezos smart contracts.
1/ Leading Tezos teams @SmartPy_io & @CryptonomicTech are making Chainlink natively available to all @tezos developers! Chainlink decentralized oracle networks allow Tezos devs to use real-world data to augment their on-chain applications. — Chainlink – Official Channel (@chainlink) April 30, 2020
Cryptonomic co-founder Vishakh says that their work has filled a key missing link within the Tezos ecosystem:
“Most of our core team has worked in finance for multiple years, especially derivatives finance. We’ve worked on mission-critical systems that handle very high notional financial trades. So that’s why we’re really attracted to Tezos because of on-chain governance and formal verification. But one missing piece of the puzzle, there have to be external inputs in order to build successful Tezos DeFi applications.”
Chainlink CEO Sergey Nazarov notes the importance of resilient data feeds for DeFi space:
“I think it’s going to be used a lot for DeFi, maybe some decentralized insurance. But from what I can tell, there’s a lot of interest in having DeFi on Tezos. And having a good oracle mechanism is basically now a prerequisite for having a well functioning DeFi application. And I think people are starting to realize that building oracle mechanisms is akin to building a blockchain.”
Nazarov said that the integration other projects as well:
“It’s a network effect that compels data providers to put data on-chain because there’s more of a market share that they get access to with one integration. And while we will be on multiple chains, every additional chain that we’re on creates a benefit to all the other chains, because now data providers have more of a market to sell data to.”
Source: Cointelegraph | Image: Unsplash