Chainlink has a major player when it comes to building infrastructure that allows the interoperability of smart contracts. In the latest news for the ecosystem, Asia-based public blockchain, PlatON revealed joining forces with Chainlink.
The latest collaboration is aimed to integrate Chainlink’s decentralized oracle network into PlatON’s next-generation PoS blockchain platform, starting with its mainnet sandbox Alaya.
Leading Asia-based public blockchain @PlatOn_Network is integrating #Chainlink as its recommended oracle solution. The initial focus is integrating Chainlink's price feeds so its devs can begin building scalable, universally connected #DeFi applications. https://t.co/3YcslJzVb6
— Chainlink – Official Channel (@chainlink) October 25, 2020
According to the official announcement, PlatON asserted,
“This integration ensures developers building on our scalable, decentralized, privacy-preserving blockchain have access to Chainlink’s highly secure and reliable oracles for building more advanced smart contract applications that interact with real-world information and systems, including premium data providers, legacy systems, IoT networks, cloud infrastructure, and more.”
PlatON intends on allowing for the creation of new DeFi applications previously not achievable on other networks hampered by network congestion and slow speeds. The platform aims to achieve scalability achieved, following which the developers of the platform will essentially access external resources that are not inherently generated or available on-chain, such as aggregated price feeds. This integration comes after PlatON identified Chainlink’s price reference data feeds as a perfect fit to provide its developers with a framework for obtaining financial market data.
Chainlink’s rising popularity
Over the last couple of months, Chainlink has emerged as a preferred oracle solution. It has captured more than 280 partnerships, nearly 160 of which have been in the year 2020 alone. It has established a monopoly [of sorts] in the ecosystem. A major contributor to this was Ethereum’s perennial problem of soaring gas fees and congestion on the network. This, in turn, has triggered a rise to stiff competition among several oraclized data providers, and, so far, Chainlink appeared to be leading the space.
LINK Token
Unlike other DeFi tokens, which remained unfazed by the latest bullish price action, LINK surged significantly higher. In terms of price, Chainlink’s native token has witnessed one of the strongest rebounds from its recent lows across the overall altcoin market. At the time of writing, it was priced at $12.17 after surging by 13% over the past week, thus surpassing a crucial resistance level of $11.69. The latest development of integration has further sparked off bullish signals.