Fantom Integrates ChainLink Price Feeds To Help Build Highly Scalable DeFi Applications

The industry-leading Chainlink price feeds are now live on Fantom Opera mainnet.

New York, NY, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The activity of DeFi protocols skyrocketed as soon as Chainlink price feeds were launched on the mainnet. As a result, the total value locked (TVL) on Fantom has significantly increased than at the beginning of 2021. As of mid-August 2021, the TVL on Fantom crossed the $380 million mark.

Here’s a quick timeline of Chainlink and Fantom integration

On February 19, 2021, block42 received a grant from Chainlink Community Grant Program to integrate Chainlink on Fantom natively.  

Chainlink price feeds were launched on the Fantom testnet on June 29, 2021. 

After a successful testing period, Chainlink price feeds were launched on the Fantom Opera mainnet. 

Chainlink price feeds are battle-tested in conditions such as extreme market volatility, network instability during centralized infrastructure outages, flash crashes, and data manipulation attacks. As a result, Chainlink oracles are the go-to place for information on financial markets. They have become so because of their high resilience coupled with their historical reliability, high-level security, optimization for wide market coverage for all price data, and most importantly, no single point of data failure. 

With Chainlink price feeds, DeFi smart contracts on the Fantom mainnet can now access high-quality, tamper-proof, and low-latency data feeds for financial markets by leveraging Chainlink-powered decentralized oracle networks. 

Chainlink Price Feeds can be used for the execution of a wide variety of functions on the Fantom blockchain, such as triggering supply adjustments in algorithmic stablecoins and settling loans and other financial instruments. They can also determine accurate staking rewards in liquidity pools, calculate collateralization ratios in lending and borrowing protocols, and much more. 

Additionally, dApp developers using Chainlink data oracles will also get high performance and efficiency as Fantom is highly scalable and compatible with Ethereum Virtual Machine (EVM). Most importantly, building with Fantom blockchain is inexpensive. For connecting Fantom smart contracts to Chainlink price feeds, developers can refer to this guide.

Fantom’s near-zero transaction fees, one-second transaction finality, EVM compatibility, and liquid staking coupled with Chainlink’s universal connectivity to premium data will empower a new wave of innovation in the blockchain industry. Developers will build novel applications to build a scalable ecosystem of transparent financial DApps on the Fantom blockchain. 

To conclude, Chainlink price feeds will help Fantom developers rapidly develop and expand their DeFi services by providing best-in-class security, reliability, and usability to their users, as said by Michael Kong, CEO of Fantom. 

This was the latest update on Fantom. Stay tuned for more such announcements in the future, such as the launch of Chainlink VRF on Fantom for gaming and NFT development.

Media Contact:

Simone Pomposi
Fantom Foundation