Galaxy Digital to provide market data to blockchains with Chainlink

2 months ago 27

Galaxy announced that they volition supply marketplace information truthful that astute declaration developers tin physique amended blockchain applications.

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Galaxy Digital to supply  marketplace  information  to blockchains with Chainlink

Despite the innovations brought astir by blockchain technology, a blockchain by itself does not automatically travel with marketplace data. To hole this, the trading and plus absorption steadfast Galaxy Digital has collaborated with the blockchain oracle supplier Chainlink. 

In an announcement sent to Cointelegraph, Galaxy highlighted that the steadfast volition supply its crypto pricing information to blockchains done Chainlink. The steadfast believes that with this data, astute declaration developers volition person the quality to physique much precocious decentralized applications (DApps).

Zane Glauber, the caput of strategical opportunities astatine Galaxy, told Cointelegraph that they judge that the integration volition person a affirmative effect connected the blockchain ecosystem. He explained that:

“Blockchains don’t travel preloaded with outer data, truthful we’re providing notation prices for spot integer assets that volition beryllium capable to powerfulness a assortment of analyzable fiscal structures that lone person traditionally been the domain of our existing fiscal system.”

According to Glauber, marketplace information volition beryllium important to decentralized concern (DeFi) primitives and DApps due to the fact that these products request notation prices that tin beryllium embedded wrong astute contracts. “The maturation of these aboriginal products should assistance unafraid the increasing full worth locked connected DeFi apps, supporting the aboriginal improvement of the ecosystem,” helium said.

Yaser Jazouane, an enforcement astatine Chainlink, besides commented connected Galaxy’s move. Jazouane said that high-quality pricing information is simply a cardinal that unlocks assorted usage cases each crossed DeFi. “High-quality marketplace information underpins the DeFi economy,” helium said.

Related: Nasdaq reportedly preparing crypto custody services for institutions

While DeFi inactive looks to person a batch of imaginable for development, the abstraction is inactive hounded by hacks and exploits. Just recently, a vulnerability successful the vanity wallet code generator Profanity was exploited by hackers. Because of this, respective wallets lost astir 3.3 million worthy of crypto assets. More than a week later, different wallet code was attacked, resulting successful a hacker stealing astir $1 million successful Ether (ETH).

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