Chainlink Price Feeds, DeFi’s most extensively used decentralized price oracle, is now available on the Terra testnet! Smart contract developers can use Chainlink Price Feeds, the Terra ecosystem’s preferred oracle service, to get access to premium, pricing data sources for a variety of assets. These data sources are tamper-proof in nature. Chainlink Price Feeds do not rely on other blockchain systems because they run directly on Terra’s elevated blockchain, and so, they enable competitive pricing changes at lower costs to satisfy the requirements of scaled DeFi applications.
A Chainlink Community Grant was granted to blockchain technology and consulting business Hack.bg, which made the Terra-Chainlink integration possible. Hack.bg is currently deploying Chainlink oracles on the Terra public blockchain to be used in the future. UST, ETH, BTC, LINK, UST, LUNA, and other currencies are among the first Chainlink Price Feeds offered on the Terra testnet, with the possibility of adding more as the Terra community demands.
Chainlink Price Feeds allows developers to create both pre-built oracle systems and a customizable structure for customized solutions that suit an organization’s particular data and/or data protection requirements.
Chainlink Price Feeds is well-known for delivering premium data underpinned by a reliable decentralized architecture, saving organizations’ energy/cost by eliminating the need to construct their own alternatives or depend on untested options. This framework is useful for both new teams looking to lay a solid basis for their system’s safety and current teams looking to expand their infrastructure’s protection to accommodate for increased TVL obligations.
Chainlink Price Feeds enable a variety of DeFi use cases on Terra, including lending/borrowing marketplaces, futures contracts and options, automatic evaluation management systems, algorithm stablecoins, automated and intelligent market participants, prediction markets, and a variety of other investment instruments. These use cases are aided by Chainlink Price Feeds, which assist in crucial on-chain features such as deciding consumers’ creditworthiness, labeling undercollateralized debts for liquidation, trying to settle options at the expiration of the period, establishing a reasonable market rate of exchange for multi-currency methods of payment, and much more.
Chainlink Price Feeds is a popular choice among developers since it has several important features:
- Reputation – Chainlink’s reputational structure and on-chain monitoring systems permits customers to directly evaluate the previous performance of node operators and oracle networks, and examine the genuine prices being offered.
- Data of Excellent Quality – The data aggregation mechanism used by Chainlink delivers accurate worldwide market rates resistant to API outages, flash crash outliers, and data manipulation attempts such as flash loans.
- Stable & Reliable Infrastructure – Autonomous, safety-reviewed, and Sybil-resistant oracle nodes run by premier blockchain DevOps groups, data providers, and traditional organizations protect Chainlink Price Feeds.
Decentralized Network – Chainlink Price Feeds are decentralized at the source data, oracle node, and oracle system level, resulting in robust security against data company and oracle network failure and manipulation.