“High-quality market data is critical to the multi-chain ecosystem’s growth,” says Sergey Nazarov, co-founder of Chainlink.
GSR, a crypto market maker, has teamed up with Chainlink to offer price data to decentralised oracle networks (DONs) for usage in DeFi and smart contract applications, demonstrating that the blockchain industry is moving toward interoperability and cross-platform compatibility.
“High-quality market data is important to the success of the multi-chain ecosystem,” said Sergey Nazarov, co-founder of Chainlink, in a statement. According to Nazarov, the introduction of GSR’s data service would allow the company to participate in the ever-growing blockchain economy and contribute to smart contract innovation.
According to Francisco Lopez, a GSR executive, the partnership with Chainlink Labs will enable GSR to accelerate the adoption of “trust-minimized financial data products.” GSR will have a “future-proof bridge” that connects data to the blockchain, according to Lopez, because Chainlink is blockchain agnostic.
Developers will gain access to GSR’s analytics data as a result of the partnership, which will be used in use cases that rely on the aggregation of crypto market data sources such as yield products, prediction markets, options and futures, and algorithmic stablecoins.
Apart from that, the collaboration will enable the generation of a variety of other data products for use in the DeFi landscape, according to the statement.
Hyphen, a climate-focused project, incorporated Chainlink in February to track and verify greenhouse gas statistics and hold businesses accountable for their environmental impact reports. The project brings together organisational data and makes it accessible to smart contracts. This will allow both public and private institutions to track and regulate their activities.
Meanwhile, a DeFi banking firm has joined a group comprised of traditional finance industry heavyweights. Scallop just joined the PCI Security Standards Council (PCI SSC), a global group of projects dedicated to improving payment data security.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.