Chainlink And GSR Partner To Integrate Price Data For Smart Contracts

Time Stamp: March 11, 2022 6:34 AM
Source Node: 1209759

Chainlink and GSR partner to integrate price data for smart contracts since the co-founder Sergey Nazarov noted that the high-quality market data is vital to the growth of the multi-chain ecosystem so let’s read furhter in today’s latest Chainlink news.

Crypto market-making firm GSP partnered with Chainlink to contribute price data to decentralized oracle networks and be used within DEFI and smart contract applications which outlined that the industry is moving forward to interoperability and other cross-platform compatibilities. In the announcement, Sergey Nazarov as the co-founder of Chainlink said that the high-quality market data is key to the growth of the multi-chain ecosystem and according to him, Chainlink and GSR partnered to launch a data service that will help them access the growing blockchain economy.

The GSR executive Francisco Lopez mentioned that the collaboration with Chainlink Labs will allow GSR to speed up the adoption of the financial data products, and also because Chainlink is blockchain agnostic, GSR will have a future proof bridge that will connect data to the blockchain. As a result of the collaboration, the developers will gain access to the GSR analytics data and be applied in various use cases that depend on the aggregation of crypto market data sources like prediction markets, field products, options, and futures.

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Apart from this, the announcement mentioned that the new collaboration will allow the creation of other data products to be used within the DEFI landscape. The climate-focused project Hyphen integrated Chainlink to track and verify the greenhouse gas data and hold companies accountable for the environmental impact that they make. The project will integrate organizational data and make it available for smart contract use which will also allow tracking and regulatory services for the public and private entities.

In the meantime, the DEFI Banking company joined a council formed by other traditional companies like Scallop which just entered the PCI Security Standards Council and is a worldwide community of projects that aims to enhance payment data security across the world.

As recently reported, Chainlink is a blockchain oracle service provider with over $60 billion deposited into smart contracts and the recent analysis from Bank of America claims that the network will drive blockchain adoption into the gambling, gaming, and insurance industries among others. According to a report released recently, the company believes that chainlink is now a strogn driver behind the growing total value locked in DEFI and according to DEFI Llama there are over $205 billion locked into DeFi which is up by 300% year over year.

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