- The integration of Spark Protocol to Chainlink price feeds marked the first interaction for the latter with the MakerDAO ecosystem.
- Prime protocol will get price feed denominated in the United States dollar for AVAX, USDC, USDT, DAI, ETH, GLMR, and MATIC.
The Chainlink (LINK) network, a blockchain ecosystem working on bringing real-world data through decentralized oracles to different chains, has gained significant momentum despite the negative impact of the 2022 crypto bear market. As blockchain technology gets adopted by mainstream users, Chainlink (LINK) has proved to be resourceful to the entire smart contract industry. Moreover, Chainlink is a large open-source community of data providers working together with node operators and smart contract developers on a decentralized network.
As a result, Web3 protocols intending to scale their operations have partnered with Chainlink to either provide resources oracles or tap on other data provided on the network.
Spark Protocol taps on Chainlink
Spark Protocol, a decentralized lending market network utilizing the MakerDAO infrastructure, announced the integration with the Chainlink price feeds for DAI/USD, ETH/USD, and stETH/USD. As a result, Spark Protocol users can get timely price updates while borrowing DAI loans from Maker at a 1.11 per cent interest rate directly.
The integration of Chainlink Price Feeds was essential to bringing Spark Protocol online in a timely manner. We feel there is mutual benefit in continuing to build a relationship with Chainlink. Spark is all about openness and collaboration,
Sam MacPherson, CEO of Phoenix Labs noted.
Interestingly, the integration of Spark Protocol to Chainlink price feeds marked the first interaction for the latter with the MakerDAO ecosystem.
.@spark_protocol, a protocol powered by @MakerDAO, has integrated #Chainlink Price Feeds to help accelerate the development of its lending & borrowing platform, Spark Lend.
This marks the first Price Feeds integration for the MakerDAO ecosystem.https://t.co/o5LigIS2Zr
— Chainlink (@chainlink) May 9, 2023
According to Johann Eid, Vice President of Go-To-Market at Chainlink Labs, the integration of MakerDAO’s Spark protocol with its price feeds is a huge win for the DeFi ecosystem. In his remarks through the announcements, Eid noted that the integration of Chainlink with MakerDAO will help the entire industry in seamless adoption. Eid noted.
Both Chainlink and MakerDAO are pioneers in this space, and the work being done across both ecosystems will help to ensure the continued success of not only DeFi but the broader industry as well.
Prime Protocol on LINK Wagon
In another stunning move, Prime Protocol, a cross-chain prime brokerage platform, announced a successful integration with Chainlink price feeds. As a result, Prime Protocol can accurately calculate the value of collateral deposited to its platform through Chainlink price oracles.
Cross-chain prime brokerage protocol @prime_protocol has integrated #Chainlink Price Feeds on #Moonbeam to help accurately calculate collateral ratios.
Discover why Price Feeds are mission-critical for lending platforms👇https://t.co/7xMYqObJWM
— Chainlink (@chainlink) May 9, 2023
Currently, the Prime protocol will get price feed denominated in the United States dollar for AVAX, USDC, USDT, DAI, ETH, GLMR, and MATIC.
Accurately calculating a user’s liquidity in a timely manner is mission-critical for our protocol, which is why we integrated the hyper-reliable Chainlink Price Feeds. The security of the Chainlink Network is unparalleled and we look forward to integrating further Chainlink services in the future.
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Colton Conley, Founder of Prime Protocol, noted.
Price Action
As more clients join the Chainlink ecosystem, the node operators get more involved, which is considered a huge plus for the LINK token used in staking among other governance purposes. According to the latest data, LINK price was up about 1.4 per cent to trade around $6.59 on Wednesday.
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