Market data will be sent to blockchains by Galaxy Digital via Chainlink

Market data will be sent to blockchains by Galaxy Digital via Chainlink

Business Crypto news Technology
October 2, 2022 by Super System
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Galaxy Digital via Chainlink

Chainlink to aid Market data Transmission

In order to help blockchain application developers create better smart contract software, Galaxy has stated that they will provide market data. Despite the advancements made possible by blockchain technology, a blockchain does not by default contain market data. Galaxy Digital, a trading and asset management company, and Chainlink, a blockchain oracle provider, have teamed together to address this.

Galaxy noted in a press release provided to Cointelegraph that it will use Chainlink to give its cryptocurrency price information to blockchains. The company thinks that smart contract developers would be able to create more sophisticated decentralized apps with the help of this data (DApps).

In an interview with Cointelegraph, Galaxy’s head of strategic possibilities, Zane Glauber, expressed their optimism that the merger will benefit the blockchain ecosystem.

“Since blockchains aren’t preloaded with external data, we’re offering reference prices for spot digital assets that can power a range of complex financial structures that were previously the exclusive purview of our current financial system”

Galaxy Digital via Chainlink

Market data will be crucial for decentralized finance (DeFi) primitives and DApps, according to Glauber, because these products require reference prices that may be included in smart contracts. According to him, “the creation of these new goods should help safeguard the rising total value locked on DeFi applications, enabling the ecosystem’s future development.”

A Chainlink executive named Yaser Jazouane also offered his thoughts on Galaxy’s action.

According to Jazouane, high-quality pricing data is the key that unlocks several DeFi application cases. The DeFi economy is “supported by high-quality market data,” he stated.

DeFi appears to still have a lot of room for growth, but hacks and flaws continue to plague the industry. Hackers only recently made use of a flaw in the vanity wallet address generator Profanity. As a result, multiple wallets lost cryptocurrency valuables valued about $3.3 million.

A hacker stole over $1 million in ether after targeting another wallet account more than a week later (ETH).