Cronos Embeds Chainlink Price Data for DeFi Apps
Cronos, the Ethereum Virtual Machine (EVM) chain that runs alongside the Crypto.org Chain, has made an announcement. Cronos will shortly embed Chainlink Price Feeds to give DeFi applications with independent financial market info. Cronos coders will have privy to authentic and dependable decentralized pricing oracles thanks to this suggested oracle service.
Sophisticated DEXes, financial derivatives, lending/borrowing covenants, and asset management facilities, among several others, will value various digital and conventional assets on-chain.
“Our objective is to give total-spectrum for delivering safe and dependable decentralized oracle platforms, and the inclusion will help DApps that require oracles, notably price data,” said Kris Marszalek, CEO and co-founder of Crypto.com.
The current cooperation between Crypto.com and Chainlink Labs is the company’s second. The Crypto.com DeFi wallet is already using Chainlink Price Feeds. On the Ethereum mainnet, Chainlink Price Feeds for CRO/USD and CRO/ETH are also available. DApps utilize the market data to value Crypto.com’s in-house token CRO on-chain, increasing its usefulness.
Cronos’ EVM chain, for example, is based on Ethermint. The latter is a development framework for the Cosmos software devkit (SDK). Ethermint may be used to create scalable, high-processing capacity Proof-of-Stake blockchains that are completely compatible and interchangeable with Ethereum. Cronos is currently accepting new ventures on its network after launching its testnet on July 20, 2021.
Cronos can quickly migrate apps from any Ethereum and EVM-compatible chain. Particle B’s $100 million CRO EVM Fund is supporting migration.The approach is further aided by the fact that Crypto.com has a customer base of more than 10 million people.
As it is simple, the forthcoming Cronos and Chainlink Price Feeds connection was proposed. Furthermore, it has been demonstrated that the incorporation secures tens of billions of funds for DeFi initiatives. Chainlink’s data gathering approach features an oracle backbone for guaranteeing consistently remaining online and tamper protection, along with providing real-time pricing data.
The integration may be used for evaluating collateral assets for money markets and establishing market prices for tokenized assets, among other things. Others include adjusting algorithmic stablecoins, clearing futures and options transactions at expiry, tracking limit order parameters and computing staking incentives.
Chainlink Decentralized Oracle Networks, for example, are the best in the market for running hybrid smart contracts. They offer the most comprehensive range of top datasets and safe off-chain calculations to programmers.
As a result, it broadens the scope of smart contract capabilities on every blockchain. Chainlink, which is managed by a global decentralized community, presently runs smart contracts valued billions of dollars. These include DeFi, gambling, insurance, and other economic sectors, as well as worldwide companies and ventures that support the blockchain ecosystem.