Payments-focused blockchain platform Stellar plans to leverage oracle network Chainlink’s solutions, including data standards and cross-chain interoperability protocol, to boost decentralized finance traction on the blockchain network.
Summary
- Stellar is integrating Chainlink to tap into Data Feeds, Data Streams, and the Cross-Chain Interoperability Protocol.
- Developers and institutions will benefit from the same solutions powering over $100 billion in total value locked in DeFi.
- Integration is set to also bolster real-world asset tokenization on the public blockchain.
Stellar will join the Chainlink Scale program and integrate Chainlink’s key solutions, including Cross-Chain Interoperability Protocol, Data Feeds, and Data Streams, according to a press release.
What does this bring to Stellar?
The integration will see developers and institutions tap into trusted data and cross-chain interoperability as they build decentralized applications on Stellar (XLM). With Chainlink (LINK), Stellar hopes to expand its ecosystem across the burgeoning real-world asset and decentralized finance markets.
The move to collaborate comes as tokenized treasuries, RWA payments and overall DeFi resurgence highlight the industry’s growing traction amid regulatory shifts.
Specific benefits that come to XLM as a result of this integration include battle-tested security via CCIP’s consensus layer. This solution, powered by Chainlink Decentralized Oracle Network, has helped secure over $100 billion in total volume locked across DeFi.
CCIP gives developers production-ready interoperability.
Developers and institutions can also tap into token-agnostic transfers and programmable token transfers among others. Chainlink’s data standards will unlock DeFi on the XLM network.
XLM and LINK tokens saw slight gains amid the news and as the broader crypto market looked to bounce following this week’s sell-off.
Source: https://crypto.news/stellar-taps-chainlink-solutions-to-power-next-gen-defi-applications/
