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Chain link oracles enter the Tezos ecosystem

April 30, 2020

Two leading teams from Tezos (XTZ), SmartPy and Cryptonomic provide Chainlink (Link) oracles natively in the Tezos network.

The two teams received a grant from the Tezos Foundation to integrate Chainlink oracles into Tezos Smart contracts. Cryptonomic co-founder Vishakh told Cointelegraph that his work closed an important missing link within the Tezos ecosystem:

“The majority of our core team has been in the financial field for several years, especially in the financial derivatives area. We have worked on mission-critical systems that handle very high theoretical financial operations. That’s why Tezos really attracts us because of the chain guide and the formal check. But something the puzzle lacks is that External input is required to create successful Tezos DeFi applications. “

An oracle is a prerequisite for decentralized financing

In an interview with Cointelegraph, Chainlink CEO Sergey Nazarov repeated the same feeling and pointed out the importance of reliable data sources for decentralized finance or DeFi:

“I think a lot is used for DeFi, maybe for decentralized insurance. But as far as I can tell, there is a lot of interest in having DeFi in the Tezos ecosystem. Y. A good oracle mechanism is basically a prerequisite for a well-functioning DeFi app. And I think people are beginning to understand that building oracle mechanisms is similar to building a blockchain. “

Chain link oracles enter the Tezos ecosystemChain link oracles enter the Tezos ecosystem

Nazarov said the integration between the two unicorns in cryptocurrency also benefits other projects:

“It’s a network effect that forces data providers to put data in the chain because with a single integration, they have more market share that they can access. And although we will be working in multiple chains, each additional chain we are in creates an advantage over all other chains as data providers now have more market to sell data. “

This news comes a day after a Chainlink investor predicted that Link’s price would soon exceed $ 25 and exceed Chainlink Ether (ETH) in market cap.

Recent vulnerabilities identified in various DeFi projects seem to indicate that Chainlink will not run out of companies looking for an oracle.

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