In June, the Chainlink Network achieved a major milestone with the native integration of Chainlink Price Feeds on Solana mainnet, the first non-EVM chain to integrate the blockchain industry’s leading oracle network. Solana Labs’ CEO, Anatoly Yakovenko, who shared his vision for the “seismic shift” to web3 with Chainlink co-founder Sergey Nazarov at this year’s Solana Breakpoint event, said Chainlink’s oracles on Solana’s high-speed blockchain give developers the tools to build web3 applications that rival web2’s user experience.
Shortly after Chainlink Price Feeds went live on Solana Devnet last year, Solana’s premier leveraged yield aggregation platform, Tulip Protocol, announced its plan to natively integrate Chainlink in order to secure leveraged positions. Tulip co-founder Senx told Chainlink Today that Chainlink oracles will make Tulip’s liquidation mechanism more robust and ultimately help protect lenders from becoming insolvent and borrowers from facing faulty liquidations.
Today, Tulip announced that it officially integrated Chainlink oracles on Solana. “It is an exciting time to have Chainlink expanding to Solana,” Senx told Chainlink Today. Because Chainlink Price Feeds play a fundamental role in DeFi, Senx said developers building on Solana now have the infrastructure to build efficient and reliable DeFi applications that attract more users to Solana’s ecosystem and the DeFi industry as a whole.
Senx echoed Yakovenko’s and Nazarov’s belief that the synergy created by Chainlink and Solana has the potential to convert millions of new users to DeFi through innovative use cases and products.
“Solana’s high-throughput and low-cost transactions allow for a lot of experimentation in DeFi,” Senx said. “From classic use cases such as borrow/lend to more complicated DeFi option vaults, it’s a great time to be building on Solana and we are excited to see what developers come up with.”
To learn more about Tulip Protocol, visit their website, Twitter, Telegram, Medium and Discord.