The Solana blockchain network’s unique architecture is attracting droves of developers eager to build high-speed, low-cost DeFi applications. With Chainlink’s industry-standard oracles currently live on the Solana Devnet and mainnet integration planned for Q4, developers will soon be able to build even more efficient DeFi applications with access to sub-second, tamper-resistant, high-quality off-chain data, boosting Solana’s network effects and accelerating DeFi’s mainstream adoption.
Today, LIQ Protocol, a leading liquidation protocol on the Solana network, announced that it will integrate Chainlink Price Feeds to upgrade the security, reliability, and precision of the oracle mechanism powering its liquidations engine. LIQ Protocol’s founder and CEO told Chainlink Today that he expects the integration will enhance the health of the entire Solana ecosystem by strengthening various protocols that rely on LIQ Protocol to perform liquidations on their behalf.
“LIQ Protocol will integrate with Chainlink oracles on the Solana network to maintain reliable price feeds during the liquidation process across many different major protocols,” he said. “The reliability and accuracy of the Chainlink oracle network helps maintain a healthy and fair liquidation process for all users that helps keep the platforms safe and secure.”
The initial integration will include all existing Chainlink Price Feeds on the Solana Devnet, followed by custom RAY/USD, FTT/USD, and LIQ/USD price feeds.
Using Chainlink’s oracles to reference high-quality, high-frequency price data ensures LIQ provides accurate, timely and secure liquidations for essential Solana-based margin/borrowing projects. “The LIQ team is constantly innovating the decentralized exchange, derivatives and lending space alongside all the key protocols in the Solana and Serum ecosystem by working with them to ensure proper liquidity methods needed to maintain a healthy platform,” said LIQ’s CEO.
He told Chainlink Today that the most exciting part of this initial Chainlink integration is creating a foundation for working directly with the Chainlink Labs team on future integrations that will enhance protocols using LIQ and the entire Solana network. “We’re excited to start connecting and integrating all the platforms we work with to use the Chainlink oracle network as well.”