DeFi

Flow goes cross-chain with addition of Chainlink price feed

FLOW goes cross-chain with implementation of Chainlink price feed

The Flow blockchain has expanded on its cross-chain and decentralised finance ambitions via the implementation of a Chainlink Price Feed.

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.

“This gives lending and derivative dApp developers a secure and reliable FLOW price oracle to integrate FLOW into various prediction markets, lending markets and other use cases.”

Chainlink remains the industry-leading decentralised oracle network, with Chainlink Price Feeds helping to secure $75+ billion in value for DeFi protocols across the multi-chain ecosystem.

Sean Dickens

An avid advocate of DeFi, Sean has been in the industry since 2017, studying the latest trends writing about cryptocurrencies. He studied Journalism and Media at Birkbeck University and now writes for Coin Rivet while being an active member of various communities in the crypto space - particularly NFTs.