Story from

Marinade Sponsors Price Feed To Satisfy Hunger For Chainlink-Powered DeFi On Solana

Chainlink-powered DeFi is coming to Solana in Q4.

On Day Two of Solana Breakpoint, Chainlink Co-founder Sergey Nazarov joined Solana Labs CEO Anatoly Yakovenko for a fireside chat about how Solana’s mainnet integration of Chainlink oracles will enable next-gen hybrid smart contracts that accelerate the shift to Web3 in 2022.

Top Solana projects like Tulip Protocol are integrating Chainlink oracles to secure their growing TVLs. Yesterday, Solana’s first and largest liquid staking provider, Marinade, announced it is sponsoring a Chainlink Price Feed for its liquid staking derivative of SOL, mSOL. The integration will allow Solana DeFi projects to access high-quality, tamper-proof mSOL/USD price data on-chain, expanding SOL’s utility in the DeFi ecosystem. 

Michael Repetny, who heads marketing at Marinade, told Chainlink Today that the mSOL/USD price feed allows DeFi protocols running on Solana to integrate mSOL in a more robust and secure way.

“The whole Solana ecosystem building on top of mSOL now has a reliable mSOL/USD price feed. This feed will power different mSOL DeFi use cases such as borrowing and lending, leveraged yield farming and more,” he said. 

Marinade’s non-custodial liquid staking solution pools deposited SOL and delegates to more than 400 validators in order to make Solana more decentralized, composable, and liquidity efficient. Users receive mSOL representing their share in the stake pool, which unlocks liquidity to be used in the Solana DeFi ecosystem. To date, Marinade has unlocked over $1.6B in liquidity for SOL stakers.

mSOL is now accepted in almost every AMM protocol on Solana, as well as leading lending protocols and yield aggregators such as Port Finance, Larix, Tulip Protocol and Francium. Repetny said that collaborating with Chainlink to launch the mSOL/USD price feed is “a big step” towards delivering Marinade’s vision of establishing mSOL as the “ultimate unit of account” in the Solana ecosystem.

Repetny said Solana DeFi is hungry for mSOL. “We’re sure to see new lending protocols, stablecoins, and NFT projects where the mSOL/USD price feed will play a pivotal point,” he said. “We’re very excited about this.”

To learn more about Marinade, visit their website, Twitter, Medium and Discord.

Read more about

Have an idea for a story?

If you’re interested in submitting content to be considered for publication, please carefully review the Chainlink Today Content Submission Guidelines to help you get started. We’re excited to hear from you.

Related Stories