Chainlink pricing technology has been introduced to the Solana network, which will enable DeFi developers to use course information in a variety of financial services.
The Oracle platform has announced that it will initially make seven price channels available to Solana developers. These include BTC/USD, ETH/USD and USDC/USD, among others. Further channels will be introduced at later stages of integration.
Many projects have already decided to use Chainlink tools. These include, for example, the Apricot Finance loan protocol and the yield aggregators farminug Francium and Tulip.
Solana co-founder Anatoly Yakovenko believes that integration will be a boon for dapp creators in the ecosystem:
Launching Chainlink on Solana will give developers defi access to the most commonly used oracles in the blockchain.
Price oracles are helpful tools because they help determine the right loan and collateral rates between different cryptocurrencies.
The DeFi protocol built on Terra Classic, Mirror, was recently hacked because its price oracle gave incorrect data for LUNC. This allowed the attackers to seize funds in the amount of 2 million dollars.
The Chainlink oracle was associated with some of the attacked dapps. Nevertheless, hacks are usually the result of an error on the protocol side.
Chainlink co-founder Sergey Nazarov expressed satisfaction with the integration, calling it a “great success” for the DeFi industry.
Failures of Solana
A few days ago, Solana survived a serious accident. The problem was how the project’s blockchain processes a certain niche type of transaction that is carried out offline. It is worth noting that this was not the first time, and not even the second.
Earlier, Solana recorded as much as seven hours of downtime, which took place exactly on the night between April 30 and May 1. It was caused by too many transactions involving bots and NFT.
In turn, from January 6 to January 12, 2022, the network was plagued by problems causing partial downtime lasting from 8 to 18 hours.
The creators also had various other problems of a technological nature. Previously, for example, they reported that “transactions with high computing power” resulted in a reduction in network bandwidth to “several thousand” transactions per second (TPS), which is much less than the target 50,000 TPS that the project boasts.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.