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Matic Network Deploys Chainlink to Power DeFi Ecosystem

Matic Network Deploys Chainlink to Power DeFi Ecosystem

Matic Network Integrates Chainlink to Boost DeFi and Gaming

Matic Network has officially deployed Chainlink as its preferred oracle solution, paving the way for scalable and secure DeFi applications and gaming dApps. Five Chainlink Price Feeds have been launched on the Matic mainnet, including:

  • MATIC/USD
  • USDC/USD
  • ETH/USD
  • USDT/USD
  • DAI/USD

This strategic integration will enable a host of blockchain applications on Matic Network to access reliable, tamper-proof off-chain data.


Why Chainlink for Matic?

Matic Network selected Chainlink as its go-to oracle provider due to its:

  1. High-Quality Data: Reliable and accurate price feeds backed by verified data sources.
  2. Decentralized Infrastructure: Secure and manipulation-resistant oracle networks.
  3. Real-Time Transparency: Monitoring tools that ensure accountability and reliability.
  4. Market Proven Solutions: Secures over $4 billion across leading DeFi platforms like AAVE and Synthetix.

DeFi Projects Leveraging Chainlink on Matic

A growing list of DeFi projects on Matic Network has already committed to using Chainlink’s Price Feeds:

  • EasyFi: An undercollateralized lending protocol.
  • PlotX: A prediction market platform.

These projects utilize Chainlink to execute critical DeFi functions, such as:

  • Checking loan collateralization ratios.
  • Minting and swapping synthetic assets at fair market prices.
  • Settling prediction market outcomes.

Chainlink VRF for Gaming Applications

In addition to price feeds, Chainlink VRF (Verifiable Random Function) will soon launch on Matic, opening doors for scalable and provably fair gaming dApps.

  • Aavegotchi, a popular blockchain-based gaming project, is already working on integrating Chainlink VRF to ensure fairness.
  • More gaming projects will soon announce their plans to leverage Chainlink’s randomness solution.

Expanding Chainlink’s Capabilities on Matic

Chainlink’s general-purpose oracle capabilities enable developers to connect to any off-chain API. For example:

  • Digital Bridge: A 2FA oracle that enhances smart contract security by integrating additional authentication layers.

Accelerating DeFi Innovation

The deployment of Chainlink on Matic Network empowers developers to build and launch DeFi applications faster by avoiding the complexity of creating their own oracles. Chainlink provides pre-built, battle-tested solutions that:

  • Minimize development timelines.
  • Enhance security and reliability.
  • Support DeFi projects at any stage of growth.

Next Steps for Developers

Developers on Matic Network can begin using Chainlink Price Feeds today by visiting the official documentation or joining the Chainlink Discord and Matic Discord for support.

Future updates include:

  • Expanded Chainlink Price Feeds.
  • The official launch of Chainlink VRF on the Matic mainnet.

Stay tuned for announcements and tutorials detailing how to make the most of Chainlink’s integration with Matic Network.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.