Blockchain protocol Terra has integrated Chainlink Price Feeds into its testnet network to enable native developers to implement trustworthy data sources across its ecosystem.
Via the integration, smart contract developers can now leverage the “high-quality, tamper-proof price reference data” that is available through Chainlink to build and improve upon the array of DeFi applications on Terra.
In addition to the initial introduction of Chainlink Price Feeds, Terra plans to help facilitate both “the launch of additional data feeds and other oracle solutions” on the ecosystem to help expand the number of services available to native developers.
The integration also opens the doors for broader use cases across the Terra ecosystem including borrowing/lending markets, derivatives contracts and more advanced DEX and AMM capabilities.
1/ Thrilled to announce that @chainlink has officially gone live with their integration of premium market data on the Terra testnet! #LUNAtics, please welcome DeFi’s most widely relied on, decentralized price oracle solution to the Terra ecosystem 🙂 https://t.co/0JhgKxJeId
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) October 25, 2021
Initially, the Price Feeds available on the Terra testnet will include BTC, ETH, UST, LUNA, LINK – with plans to introduce more feeds when required.
The integration was made possible through a Chainlink Community Grant, which was awarded to blockchain development and consulting firm Hack.bg – the firm leading the push for the eventual mainnet adoption of Chainlink price feeds.
Do Kwon, co-founder of Terra, commented on the integration with Chainlink and how beneficial it will be to the ecosystem.
“Chainlink Price Feeds have become the industry standard solution for decentralised price oracles,” he said.
“Smart contract developers can use Chainlink Price Feeds in combination with the high-throughput and low fees of the Terra blockchain to build increasingly sophisticated DeFi applications that can scale to meet the demands of a global audience.”
Blockchains including Ethereum, Solana, Fantom and Avalanche alongside Layer-2 platforms Arbitrum and Optimism now all use Chainlink price feeds to secure their networks with trustworthy, reliable data.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.