Open to all decentralised applications (dApps) on the Ethereum blockchain, the FLOW/USD price feed will enable developers and existing DeFi platforms on Ethereum to integrate FLOW into various markets that require accurate, decentralised price data.
Flow has also introduced wrapped FLOW (wFLOW) tokens – allowing holders to bridge their native FLOW tokens from Flow to Ethereum with ease and use their FLOW tokens on Defi applications within the Ethereum ecosystem.
Flow noted its adoption of a cross-chain focus was due to a strong belief in a “multi-chain future” and the “robust DeFi ecosystem” that currently exists on Ethereum, with the introduction of a FLOW/USD price feed through Chainlink unlocking a “wide range of potential use cases for developers and users”.
Purpose-built to support spaces like NFT collectables and crypto gaming, Flow counts Dapper Labs‘ ‘NBA Top Shots‘ and the NFL as early adopters of the blockchain. Further brands including UFC, La Liga and Dr Seuss are also set to launch their own blockchain-enabled experiences on Flow in the near future.
Now, according to Flow, more than a dozen teams are now actively building DeFi applications on Flow, with beta platforms set to launch in Q1. The blockchain also has native USDC available across the entire Flow ecosystem, with an Ethereum-Flow bridge available to start “heating up” DeFi usage.
Matthieu Jobbe-Duval, Head of Financial Products at Dapper Labs, commented on how Chainlink can help Flow achieve its cross-chain ambitions.
“The addition of FLOW to the Chainlink Price Feed is the first step for cross-chain adoption of Flow for DeFi applications,” he said.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.