Ink Upgrades to Chainlink Oracle Infrastructure Across Network

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Ink Upgrades Its Oracle Infrastructure to Chainlink

On May 19, Ink, an Ethereum Layer-2 blockchain launched by the cryptocurrency exchange Kraken, announced that it is shifting to the new oracle infrastructure, Chainlink.

The official announcement shared on X (formerly Twitter) stated that Ink has officially upgraded its oracle system by adopting Chainlink as its main oracle infrastructure.

This official announcement comes after the layer-2 blockchain has joined Chainlink Scale program. This integration will allow Ink to access enterprise-grade Chainlink Data Feeds, and it means that all the protocols on the chain will get the improved data feed.

Why Ink is Integrating Chainlink

This integration will provide constant and tamper-resistant price data to every dApp and protocol present on the Ink blockchain. There are many major protocols available on the blockchain, such as the lending platform Tydro, its total value locked is around $194 million, and others are already moving to Chainlink or have plans to use oracles.

This shift will also increase the security of the network by reducing the risks of wrong or incorrect data feed.

In blockchain and decentralized finance, oracles are working as the main bridge that provides the feed of real-world data into smart contracts, such as asset prices. Without these data feeds oracles, on-chain protocols like lending, trading, and liquidations can face complete failure. In the worst-case scenario, these protocols might face exploitation by hackers.

The reason behind the selection of Chainlink is that the platform is a standard oracle. It uses various independent data sources along with numerous node operators and on-chain verification. This vast data input from different sources will help them to get a highly accurate data feed, which helps to provide security to the on-chain platforms. 

Apart from this, the inputs from different data feeds are helping Chainlink prevent price manipulation. This also prevents downtime that could break DeFi protocols.

There are many reasons behind the integration of Chainlink as a main oracle. This integration will provide better security thanks to accurate price data, which will protect billions of dollars in locked value from wrong liquidations or bad debts.

This integration will also remove the need for developers to test and verify their own oracles.

Ink has already completed its early integrations with Chainlink services, including CCIP for cross-chain transfers, along with Data Streams in 2025. The latest announcement has made Chainlink the default oracle provider in the entire Ink ecosystem.

This integration will bring numerous benefits for users on the Ink network as it will provide better lending, trading, and yield on the network. Apart from this, the network will be able to provide better interest rates along with good features, as it will provide more accurate data from the standard oracle.

According to DeFiLIama, the total value locked on the network has soared over $429 million. The accurate price feed will help the network to protect this TVL.

Chainlink is already providing accurate price data feed to trillions of dollars in on-chain value in the entire DeFi ecosystem. The integration will play a major role in the network to keep it running without any problems.

Also Read: Vitalik Buterin’s Views on Formal Verification for Ethereum