LINK Update: Polkadot-based DEX Announces Chainlink Integration

Bhushan Akolkar News November 3, 2020

DEX-DEFI-LINK-Oracles

LINK Update: Polkadot-based DEX Announces Chainlink Integration

On Tuesday, November 3, the Polkadot-based cross-chain DEX network Zenlink announced its integration with oracle service provider Chainlink. The latest announcement comes as Zelink DEX aims to leverage Chainlink oracles to access valuable assets secured on the Polkadot blockchain network.

The announcement states that Zenlink will use the Chainlink oracles for different decentralized finance (DeFi) applications on its network. This can include a wide range of Defi products from automated trading strategies to other lending applications.

Zenlink is a parachain decentralized exchange (DEX) native to the Polkadot blockchain. It allows users to safely swap assets among parachains. The official announcement notes:

“By integrating Chainlink, we are able to further decentralize and expand Zenlink’s financial services through access to highly accurate and transparent decentralized price oracles. This ultimately increases the reliability of our financial products, as they can respond to real world changes in asset prices with high availability and without fear of various data manipulation attacks”.

Relying on chainlink’s High-Quality Data Sourcing

Zenlink noted that the decision to integrate with Chainlink comes amidst its ability to provide high-quality price feeds with several other guarantees. Chainlink’s collaboration with premium off-chain aggregators helps it source high-quality data and deliver extensive market coverage.

Chainlink oracles provide a high-level of data security with Sybil-Resistant Oracle Node Operators. Since decentralization happens at both – data and oracle levels, chances of failure during data sourcing to smart contracts, are negligible.

The Chainlink oracles are a go-to choice for some of the top DeFi projects in the market. Besides, integrating with Chainlink oracles has fewer technical challenges and allows the ability for quick scaling. Speaking about the development, Guo Tao, Zenlink Co-founder said:

“Zenlink will play a critical role in allowing users and developers to swap assets across parachains securely. Chainlink’s high-quality data and reliable oracle infrastructure will enable users to trust the data feeds used to trigger DeFi products built on Zenlink. This enhances our ability to scale and secure even more value across a wider variety of assets”.

The Polkadot ecosystem is working to expand its footprint in the DeFi space. Last month, Polkadot announced getting the wrapped bitcoin PolkaBTC to its blockchain network. It will be used for a wide range of DeFi applications on the Polkadot network.

Author: Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Bhushan Akolkar 68 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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