Despite an impressive performance by several DeFi tokens in the month of September, Chainlink, which supplies data feeds to DeFi systems, witnessed its LINK token drop nearly 50% month to date. The famous oracle token went on to become the worst return among digital assets for that month. However, Chainlink has made some crucial collaborations of late. In the latest development, Injective Protocol announced integrating with six Chainlink price feeds to secure its decentralized derivatives exchange.
Injective Protocol Integrates Chainlink [LINK] Price Feed
According to the official blog post, the integration will include price feeds for ETH/USD, BTC/USD, DAI/USD, LINK/USD, USDT/ETH, and YFI/ETH, trading pairs. Injeective Protocol claims that these price feeds will allow its users to build their own decentralized derivatives markets with total assurance that they will be settled by reliable and securely delivered data feeds.
It further said,
“Injective is designed to attract all types of traders and offers a diverse range of derivatives markets. Thus, Chainlink will now be able to reach new consumers and markets via our DEX. After significant research into oracle providers, we selected Chainlink as the first decentralized oracle solution that we have chosen to work with. Chainlink is the market-leading decentralized oracle network, with 50+ live Price Feed Data that we can quickly leverage on our platform today.”
The growing number of collaborations has bolstered LINK’s value. Despite sustaining pullbacks, the LINK has sprung back in action and was up by nearly 4% over the past 24-hours and was currently priced at $11.50.
- Injective Protocol in Brief?
Injective Protocol is one of the most highly-anticipated DEX at the moment. Its popularity can be attributed to a $2.6 million fundraise led by Pantera Capital. Another reason was the fact that it is incubated by Binance. Injective is essentially a decentralized layer-2 DeFi protocol that supports trading of all markets, including spots, futures, derivatives, CFDs, and perpetual swaps.
- What’s New?
It is the centralized exchanges that have seen a major chunk of crypto-derivatives trading so far. Amidst the debate around AMMs in DeFi, as well as security and regulatory issues faced by these centralized entities, it is only necessary for innovation to happen to their decentralized counterparts. And the latest integration of Injective and Chainlink underscored the emerging standard witnessed in the development of DEXs amidst the DeFi hysteria.