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Chainlink has a building infrastructure that enables interoperability of smart contracts and is most often touted as a leading oracle project. As DeFi’s mass-market appeal continued to soar higher, Radix, which happens to be a layer-one protocol announced integrating with Chainlink.
This integration is aimed at connecting Chainlink’s industry-leading oracle network to the Radix Public Network and will give the developers at Radix access to a wide range of secure, accurate off-ledger data. Following the announcement, Piers Ridyard, CEO of Radix commented,
“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. 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 rearchitect the global finance system.”
Phases
The first phase for the integration is set to include additions to the Chainlink Node software to allow it to connect directly to the Radix network and the creation of the native Radix smart contracts that is required to make Chainlink data available on the platform.
Chainlink/Radix integration is expected to look something like this:
Following the completion of this, the developers and DApps of Radix will have access to verified data for creating powerful DeFi transactions. Then comes Phase 2 which will focus on deploying additional components to enable direct, incremental payment in Chainlink’s native LINK tokens for custom data queries. According to the official blog post, this would be enabled through a Radix-native version of the LINK token and a new LockDeposit component that can synchronize spends between Radix’s wrapped LINK token and the native LINK token on the Ethereum network.
Chainlink’s rising popularity
Off late Chainlink has come up as a preferred oracle solution. It has bagged over 280 partnerships of which 156 have been in the year 2020 alone. Part of this has been due to Ethereum’s perennial problem which is the rising gas fees and congestion on the network. This, in turn, has given rise to competition between several oraclized data providers and, Chainlink appeared to have dominated this space.
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