Meter Will Use Chainlink Oracles to Provide Price Data to DeFi Applications Built on its Platform
We will integrate Chainlink’s oracles to bring price reference data into the Meter development ecosystem.
We are excited to announce that we will be integrating Chainlink’s Price Reference Data into decentralized finance (DeFi) applications built on top of Meter! This provides Meter developers with access to the largest collection of on-chain price feeds for a wide variety of financial assets, including cryptocurrencies, FX rates, commodities, indices, and more. Additionally, developers can also use Chainlink’s large collection of Sybil resistant node operators and external adapters to quickly launch new decentralized price oracle networks connected to premium API data sources.
Chainlink is the market-leading decentralized oracle network, trusted by large enterprises and leading smart contract development teams for secure and reliable oracles. We are thrilled to provide the Meter developer community with access to high-quality external data via Chainlink, further augmenting the value of our DeFi ecosystem.
What is Meter?
Meter is a fully-decentralized, permissionless, low-volatility cryptocurrency that eliminates counterparty, regulatory, and other risks typically found with crypto and fiat-backed stablecoins.
Meter employs a unique hybrid consensus protocol that separates currency creation from record keeping.
The system uses Proof of Work to create the MTR low-volatility token, making it as decentralized and secure as Bitcoin. Proof of Stake is used by validators who hold Meter’s governance token, MTRG, to approve transactions.
This hybrid consensus mechanism makes Meter fast – the system can process thousands of transactions per second, reaching finality in seconds – and super secure.
Meter is a programmable Layer 1 infrastructure that can be used as a secure medium of exchange for DeFi apps, or as a sidechain for other blockchains to allow value interaction across crypto assets.
Looking at How Meter and Chainlink Can Work Together
Let’s say a team of developers build a decentralized crypto derivatives exchange on Meter called “MeterEx”.
You can use MeterEx to trade futures, options, swaps, and other cryptocurrency derivatives. When you want to cash out, the value of the derivatives you own will be converted to Meter’s low-volatility token, MTR, and then converted to your local currency.
Now imagine you feel pretty good about the price of the BAT/ETH trading pair increasing to 0.0014 in three months (currently it’s at 0.001081565). You use MeterEx to buy 10000 BAT/ETH futures contracts, with a plan of selling your BAT/ETH position to another trader after three months. When the time expires, MeterEx has to verify the price of the BAT/ETH trading pair so the sale can be executed at the correct price.
How would MeterEx determine the correct price of the trading pair?
Using Chainlink’s decentralized oracle network for BAT/ETH price reference data, of course!
Chainlink’s BAT/ETH price feed currently uses an aggregation of seven independent, Sybil-resistant nodes and seven high-quality data aggregators as data sources for the market price. This oracle framework provides a manipulation resistant, high uptime price feed with strong market coverage across all trading environments. Our developers can have high confidence that the data supplied by Chainlink is reliable and of high integrity.
Importantly, integrating Chainlink into the Meter development ecosystem will be a breeze. Chainlink is built on Ethereum, and Meter is already compatible with the Ethereum Virtual Machine. Also, Chainlink and Meter share a big percentage of validators (over 60% of Chainlink validators also validate on the Meter network), creating security and network overlap, which will make integration seamless.
We are very excited to start building oracle solutions with Chainlink to ensure the most accurate and dependable data is being fed into DeFi apps using Meter.
Meter’s CEO Xiaohan Zhu says:
“Chainlink provides the most reliable and decentralized oracle services in the market, making it a critical component for powering DeFi applications built with Meter. We are happy to welcome Chainlink into the Meter ecosystem and bring expanded and proven oracle functionality to our DeFi developers!”
Head of Chainlink Business Development, Daniel Kochis, commented on the integration, stating:
“We’re excited to supply Meter with secure and reliable price oracles to ensure that financial applications built on Meter execute on-time based on highly reliable and manipulation resistant market data.”
If you’re a developer and would like to build DeFi apps with Meter, check out our documentation for more information.
If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is a general-purpose framework for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; and large enterprises in Google, Oracle, and SWIFT.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Meter, view official announcement.