High-performance, low-cost blockchain network Solana announced today that Chainlink Price Feeds are live on the Solana Devnet, with plans for mainnet integration before the end of Q4. Solana enables developers to build high-speed, low-cost DeFi applications through innovations in blockchain scalability such as Proof of History and Turbine. Now, developers can utilize Chainlink’s time-tested, pre-built decentralized price oracles to gain even greater efficiency.
“With the ability to achieve breakneck speeds for processing transactions at average costs less than $0.0001, Solana can act as the execution layer for high-speed and high-volume transactions in DeFi,” a Solana Labs spokesperson told Chainlink Today.
As the industry-standard oracle network securing tens of billions of dollars across the vast majority of DeFi, Chainlink provides smart contract developers with sub-second, tamper-resistant, high-quality off-chain financial market data needed to execute essential on-chain functions.
When asked about what’s possible now that Solana has integrating Chainlink Price Feeds, Solana Labs’ spokesperson said, “Oracle price feeds will enable DeFi applications built on Solana to tap into more data streams. Sub-second price feeds delivered on-chain open up new opportunities for DeFi app development and UX, which can lead to greater capital efficiency.”
The Chainlink integration comes as Solana’s DeFi ecosystem experiences rapid growth. Chainlink Price Feeds will further accelerate the rate at which new DeFi applications are brought to market by providing developers with crucial oracle infrastructure that frees them to focus on their core business logic.
In an official announcement, Solana Labs’ founder and CEO, Anatoly Yakovenko, said, “Integrating Chainlink natively into the Solana blockchain can significantly increase the rate at which Solana developers can build secure, high-throughput DeFi applications by providing them with direct access to reliable off-chain data and computation.”
The announcement noted that Chainlink Price Feeds will play a “pivotal role” in the growth of Solana’s ecosystem by “offering new data types and off-chain computations.” Solana Labs’ spokesperson emphasized to Chainlink Today, “Together, Solana and Chainlink will bring high-speed price oracles at lower costs and faster latency to DeFi developers.”