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    Avalanche Integrates Chainlink To Supercharge DeFi Development

    The growing DeFi ecosystem depends on decentralized oracle networks (DONs) that connect on-chain code with off-chain data and computation to create financial products that offer users superior yield, transparency and control. As the leading decentralized oracle network, Chainlink is laying the groundwork for DeFi and empowering developers to build new and more advanced applications. 

    Since launching last year, open-source platform Avalanche has become one of the fastest organically growing blockchain ecosystems, with near-instant transaction finality and a novel consensus mechanism built for the scale of global finance. Today, Chainlink Price Feeds went live on Avalanche mainnet, marking a pivotal moment for over 225 projects building in the Avalanche ecosystem, including top-tier projects like Tether, USDC and The Graph, as well as next-generation DeFi applications.

    “Chainlink’s integration with Avalanche unlocks key functionality like lending, borrowing, options, derivatives, prediction markets, sophisticated trading applications, and more on Avalanche. It also will enable cornerstone Ethereum apps that depend on Chainlink’s data to expand to Avalanche,” said Patrick Sutton, Director of Communications at Ava Labs, a team supporting the development of Avalanche.

    Sutton said projects like BENQI, Pangolin, Markr.io, Avalaunch and more are choosing to launch on Avalanche first and Chainlink’s oracles will “supercharge” this growth and round out the platform’s core developer toolkit. “It’s exciting to see the ecosystem coming together,” he told Chainlink Today. 

    Chainlink empowers developers with the highest-quality data and the most secure, robust oracle structure that’s proven resistant to flash loan attacks and API downtime. “Chainlink has set the standard for oracles and data across blockchains and decentralized applications,” said Emin Gün Sirer, Founder and CEO of Ava Labs, in a statement for Avalanche’s Chainlink integration announcement.

    BENQI’s Co-founder, Dexter Lee, called the launch of Chainlink on Avalanche a “watershed moment” that will “spark the explosion of DeFi activity” on the Avalanche network.

    Sutton explained how Avalanche’s speed, security and scalability coupled with Chainlink-powered on-chain functions – calculating collateralization ratios, minting fair market loans, setting exchange rates, pricing synthetic assets – is poised to accelerate DeFi’s widespread growth and adoption.  

    “This high performance empowers developers building EVM-compatible dapps on Avalanche to not only outperform their competition on other chains, but also build new applications that haven’t yet been possible,” he said.  

    In a CoinDesk interview about the integration, Chainlink Co-founder Sergey Nazarov said that the symbiotic relationship between oracles and DeFi is “no coincidence,” because DeFi is a hybrid smart contract that combines on-chain code and off-chain systems.

    Looking toward the future, Sutton told Chainlink Today that Chainlink is a “key component” of Avalanche’s broader roadmap for the rest of 2021. “Chainlink’s integration with Avalanche is the next big technical leap forward for the platform,” he said.

    To learn more about Avalanche, visit their website, Facebook, Twitter, Discord, Telegram, Reddit and GitHub.

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