Coinbase Integrates Chainlink DataLink to Bring Exchange Data Onchain

Key Insights

• Coinbase has integrated Chainlink DataLink to publish its data onchain.
• The integration will give on-chain protocols robust access to Coinbase exchange data in a massive move for DeFi.
• LINK tokens see slight gains today, but long-term struggles leave holders in despair.

Publicly traded crypto exchange Coinbase will now have its exchange data publicly available onchain. This follows an integration with Chainlink’s DataLink feature, which allows the oracle provider to publish the data onchain.

Chainlink announced the development in a press release. They noted that it is a major milestone for the decentralized finance ecosystem.

Onchain Protocols to Gain Streaming Access to Coinbase Exchange Data

Per the press release, the integration will give onchain protocols direct access to Coinbase exchange data via a secure platform. It expects this access to enable more accurate pricing and better risk management for DeFi protocols relying on Coinbase data.

Coinbase leads the U.S. crypto market with billions in trading volume. Chainlink delivers trusted data to power new on-chain markets. This data enables products like derivatives, perpetuals, and tokenized real-world assets.

It said:

Meanwhile, the integration further strengthens Chainlink’s position as the gateway for onchain data. Since launching DataLink last year as a way to bring institutional off-chain data onchain, several institutions have integrated it. These include S&P Global Ratings, FTSE Russell, and Tradeweb.

Coinbase now joins the mix, with the protocols gaining access to data on the Coinbase orderbook and spot prices. Data from Coinbase International Exchange and Coinbase Derivatives Exchange will also be available.

Unsurprisingly, Chainlink believes this data will serve as the foundational infrastructure for the next era of digital finance. Chainlink Labs chief business officer Johann Eid said:

LINK See 4% Gains as Investors Complain

Meanwhile, the news of Coinbase integration may have had a positive impact on the Chainlink token LINK. According to CoinMarketCap data, the token is up almost 4% over the last 24 hours, rising to $9.42.

This represents a positive development for the token, as it is up by more than 12% over the past 30 days. Still, today’s gains might be tied to the broader crypto market, with Bitcoin also climbing back to $71,000.

LINK performance in the past year. Source: CoinMarketCap

However, LINK’s recent positive performance has not lifted investors’ mood. Comments under the Chainlink X post included several complaints by holders about the token price performance. Others also questioned whether this was the partnership that Chainlink had earlier teased.

Investors’ sour mood is not entirely surprising, given that LINK is down 25% year to date and has lost 82% of its value since peaking in 2021.

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