GSR partners with Chainlink to integrate price data for smart contracts


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Crypto market-making agency GSR has partnered with Chainlink to contribute value knowledge to decentralized oracle networks (DONs) for use inside decentralized finance (DeFi) and sensible contract functions, highlighting that the blockchain business is shifting ahead to interoperability and extra cross-platform compatibilities.

In an announcement, Sergey Nazarov, the co-founder of Chainlink, mentioned that “high-quality market knowledge is important to the expansion of the multi-chain ecosystem.” Based on Nazarov, GSR launching its knowledge service will allow the agency to entry the ever-growing blockchain economic system and help within the innovation of sensible contracts.

Chainlink co-founder Sergey Nazarov. Supply: OceanProtocol YouTube

Francisco Lopez, a GSR government, additionally talked about that the collaboration with Chainlink Labs will enable GSR to hurry up the adoption of “trust-minimized monetary knowledge merchandise.” Based on Lopez, as a result of Chainlink is blockchain-agnostic, GSR can have a “future-proof bridge” that connects knowledge to the blockchain.

On account of the collaboration, builders can have entry to GSR’s analytics knowledge to be utilized in use instances that rely on the aggregation of crypto market knowledge sources reminiscent of yield merchandise, prediction markets, choices and futures and algorithmic stablecoins.

Other than this, the announcement additionally mentions that the collaboration will enable the creation of assorted different knowledge merchandise for use inside the DeFi panorama. 

Associated: Oracle tokens turn bullish as blockchain projects focus on interoperability

Again in February, climate-focused undertaking Hyphen also integrated Chainlink to trace and confirm greenhouse gasoline knowledge and maintain firms accountable for his or her environmental influence stories. The undertaking integrates organizational knowledge and makes it accessible for sensible contract use. It will enable monitoring and regulatory companies for each private and non-private entities.

In the meantime, a DeFi banking firm has joined a council fashioned by varied conventional finance bigwigs. Scallop has not too long ago entered the PCI Safety Requirements Council (PCI SSC) which is a worldwide group of initiatives aiming to reinforce fee knowledge safety globally.