London, Oct. 06, 2020 (GLOBE NEWSWIRE) -- (via Blockchain Wire) Radix (www.radixdlt.com), the first layer-1 protocol built specifically for decentralized finance, today announced it will integrate with Chainlink to make DeFi oracles easily accessible to developers. Chainlink oracles will give Radix developers access to a wide range of secure, accurate off-ledger data. This data will help Radix developers as they recreate traditional financial services as decentralized apps and develop completely innovative DeFi products in the Radix ecosystem.
A key need for DeFi application developers is access to market data. Because not all market data is inherently available within the network itself, Radix dApps need to access off-ledger sources to obtain such information. Oracles solve this problem by interfacing with off-ledger APIs to make off-ledger data natively accessible within Radix. After reviewing oracle solutions, Radix selected Chainlink to open up a variety of data types. The company’s immediate focus will be integrating Chainlink’s widely used price feeds, which already service many top DeFi applications including Synthetix, Aave, and Bancor.
“Giving Radix developers access to a wide range of high quality data is vital to our mission of providing the best infrastructure to build next generation DeFi products,” said Piers Ridyard, CEO of Radix. “Chainlink’s price oracles enable Radix developers to offload complex and time-consuming oracle infrastructure to industry experts, allowing our ecosystem to focus solely on designing smart contract applications that re-architect the global finance system.”
“We’re excited to empower developers to build next-generation DeFi applications on Radix’s innovative layer-1 protocol by providing them with secure and reliable oracle solutions,” said Daniel Kochis, Head of Chainlink Business Development. “By making in-demand market data accessible via Chainlink oracles, we’re confident that the Radix platform can support a plethora of new data-driven financial products for both crypto and traditional asset markets.”
Through access to high-quality market data in a highly available and tamper-resistant manner, Radix developers can start building a wide range of DeFi applications including financial derivatives, decentralized lending products, asset management services, and more. To read more, please visit the Radix blog.
About Chainlink:
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted to deliver definitive truth by hundreds of organizations to provide continuous, reliable data feeds. To learn more, visit chain.link and follow @chainlink on Twitter.
About Radix:
Radix is the first layer-one protocol specifically built to serve DeFi. Decentralized finance applications are currently built on protocols that are not fit for purpose, leading to congestion, hacks and developer frustration. Radix changes this by introducing a scalable, secure-by-design, composable platform with a DeFi specific build environment to make it easy to build and launch scalable DeFi applications.