Adding to our existing library of interchangeable, composable DeFi legos, Agoric is excited to announce that Agoric and Chainlink have teamed up to make it easy for smart contract developers to plug oracles into DeFi dapps. The combination makes the Agoric cryptoeconomy a data-rich environment for deploying new DeFi products, giving developers access to any form of market data such as asset prices, FX rates, interest rates, and more.
We selected Chainlink’s market-leading oracle solution because it provides high-quality data from premium off-chain APIs (data aggregators), as well as highly secure and reliable data delivery utilizing both decentralization and security reviewed oracle node operators. This framework ensures that Agoric dapps have access to highly available, accurate, and manipulation-resistant market data to trigger their contract’s execution and securely transfer real world value between users.
Chainlink’s decentralized oracle for the ETH/USD Price Feed, which we can make available to Agoric developers
Chainlink already has the most widely used Price Feed oracles in DeFi, proven to secure billions of dollars of value for live applications. We can use these price feeds to drastically speed up developers’ time to market, as well as leverage their established framework to launch new price feeds and/or completely customizable oracle solutions.
Previous to the Agoric-Chainlink integration, developers needed to build their own price data feeds, which is time-consuming, requires upkeep, and comes with unforeseen security risks due to the many nuanced and overlooked challenges of building a secure oracle solution. Chainlink’s decentralized oracle services take care of all of that so dapp developers can focus on building the best product and user experiences, ushering in a new wave of DeFi.
Nuts and Bolts of the Chainlink Integration for Devs
Why This Integration Matters
- Faster time-to-market: reuse existing, high-quality oracles
- Develop DeFi in a data-rich environment
- Leverage the Chainlink community’s expertise and dedication to ensure continuing availability of quality oracles
- Chainlink developers ready to leverage an existing datasource can now do so in the most extensible, powerful smart contact environment, using familiar tools and language
Agoric is working with Chainlink to grow our smart contract capabilities, build out developer tooling, and ensure that dapps have access to Chainlink’s data. This work includes creating useful composition and aggregation of the individual low-level contracts and creating interesting Agoric applications using Chainlink oracles. Stay tuned for future announcements regarding these initiatives.
Agoric is developing a secure distributed ocap platform for smart contracts and market-oriented programming. Our platform supports the development of smart contracts and market institutions across many different scales, from large public blockchains to small two-party contracts.
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Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.