Radix Taps Chainlink To Provide DeFi Apps With High-Quality Market Data
Radix, a layer-one protocol for decentralized finance (DeFi), will integrate with decentralized oracle network Chainlink to make DeFi oracles easily accessible to developers.
Radix claims to be the first layer-one protocol specifically built to serve DeFi. Decentralized finance applications are currently built on protocols that are not fit for purpose, leading to congestion, hacks and developer frustration. Radix aims to change this by introducing a scalable, secure-by-design, composable platform with a DeFi specific build environment to make it easy to build and launch scalable DeFi applications.
Chainlink enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Smart contracts are corruptible through inaccurate and slow data. Chainlink solves this problem by connecting smart contracts to the real-world via a secure, decentralized network of oracles that ensure relevant and accurate data is fed into the ecosystem. The company is well known for providing highly secure and reliable oracles to large enterprises, including Google, Oracle and SWIFT, and leading smart contract development teams.
As part of the partnership, Radix will use Chainlink oracles to give developers access to a wide range of secure, highly accurate off-ledger market data. This data will help devs as they convert traditional financial services to decentralized applications. Radix will start by integrating Chainlink’s widely used price feeds, which already service top DeFi apps including Synthetix and Aave.
“A key need for DeFi application developers is access to market data,” Radix said. “Because not all market data is inherently available within the network itself, Radix dApps need to access off-ledger sources to obtain such information. Oracles solve this problem by interfacing with off-ledger APIs to make off-ledger data natively accessible within Radix. After reviewing oracle solutions, Radix selected Chainlink to open up a variety of data types. The company’s immediate focus will be integrating Chainlink’s widely used price feeds, which already service many top DeFi applications including Synthetix, Aave, and Bancor.”
Piers Ridyard, CEO of Radix, said that giving Radix developers access to a wide range of high quality data is vital to their mission of providing the best infrastructure to build next generation DeFi products.
“Chainlink’s price oracles enable Radix developers to offload complex and time-consuming oracle infrastructure to industry experts, allowing our ecosystem to focus solely on designing smart contract applications that re-architect the global finance system,” Ridyard said.
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