Blockchain oracle pioneer Chainlink Price Feeds has announced integrations on the Solana Mainnet for decentralized finance [DeFi] applications. In accordance with the press release, the latest deployment will help developers building on Solana to leverage seven different Chainlink Price Feeds that include BTC, ETH, USDC, and others.
Chainlink claims to offer high-quality near real-time price updates, enabling them to build a new realm of hybrid smart contract applications that provide superior performance around trade execution and risk management.
Anatoly Yakovenko, co-founder of Solana said, the launch on Solana will grant DeFi developers access to the most widely used oracles in the blockchain. “Solana’s high-speed blockchain can deliver high-frequency pricing data to dapps, enabling developers to build new DeFi dapps and products,” he added.
The integration with Solana is a major leap forward for the kind of scalable, institutional-grade, DeFi applications that can be built only on Solana,” Sergey Nazarov, co-founder of Chainlink.
Additionally, Chainlink also plans to launch the Cross-Chain Interoperability Protocol [CCIP]. With this new feature, the platform boasts that Solana users and developers will be able to move tokens and execute smart contracts across different blockchains, enabling the creation of cross-chain applications.
In the next few months, hundreds of additional Chainlink Price Feeds, as well as other Chainlink oracle services, will be made available to Solana developers during the next stages of the integration, the blog post read.
That said, Solana which was once considered a rising star of the cryptoverse has grabbed the limelight for the wrong reasons. The network’s latest string of outages has cast serious doubts on its reliability.
Chainlink’s latest addition comes amidst Solana’s network woes
Just a few days, Developers claimed that the outage was due to a bug in the blockchain’s consensus mechanism. They then asked validators to upgrade their client versions as the bug fix was released and even published instructions on executing the restart procedure.
The mainnet was eventually restarted at 21:00 UTC.
Immediately after the incident, Alchemy, the Web3 development platform, and infrastructure provider announced its support for the blockchain. This goes to show that the controversial blockchain continues to be a preferred choice for building Web3 applications.