Tron’s DeFi ecosystem set for a boost with Chainlink collaboration

Tron founder Justin Sun said the blockchain’s integration of Chainlink would present significant opportunities for the two networks to grow in the stablecoin and real-world asset sector.

In an Oct. 31 post on X, Sun stated:

“[Tron] has joined Chainlink Scale, adopting Chainlink Data Feeds as TRON’s official oracle. Once upgraded, $6.5B+ in DeFi TVL will be secured by Chainlink, creating opportunities for Chainlink and TRON’s $60B+ in stablecoins and RWA!”

Through the Chainlink Scale Program, Tron aims to expand its ecosystem by leveraging Chainlink’s reliable Oracle services.

To support this integration, Tron will initially cover certain Chainlink Oracle operating costs, such as transaction gas fees. Over time, these costs will gradually shift to dApp users.

This transition means that Tron will soon phase out its existing Oracle solution, WINkLink, in favor of Chainlink’s Data Feeds.

Chainlink’s data feed is an essential blockchain tool that connects smart contracts and real-world data, like asset prices. The Oracle network ensures reliable data delivery by gathering information from various sources through a decentralized network of independent node operators.

Several DeFi applications across different blockchain networks, including Ethereum, rely on this price feed to ensure smooth operations of their services.

The shift means that Tron’s flagship DeFi platforms, including JustLend and JustStable, holding around $6.5 billion in total value locked (TVL), can access reliable pricing data through Chainlink’s platform.

Thodoris Karakostas, Head of Blockchain at Chainlink Labs, emphasized the role of Data Feeds in fortifying Tron’s DeFi economy. He remarked:

“By delivering highly reliable, accurate, and decentralized market data onchain, Chainlink will further empower TRON ecosystem developers to build next-gen DeFi applications and advance the decentralized internet.”

Sam Elfarra, a spokesperson for Tron DAO Community, expressed optimism about the program’s impact, stating that it will drive the network’s DeFi sector forward. He highlighted that developers will now gain access to high-quality data oracle solutions to support the network’s ecosystem expansion and adoption goals.

The post Tron’s DeFi ecosystem set for a boost with Chainlink collaboration appeared first on CryptoSlate.

  • Related Posts

    Increased demand and heightened volatility signal further upside for Bitcoin – Glassnode
    • November 7, 2024

    Bitcoin (BTC) soared to a new all-time high on Nov. 6 and is poised for further upside, spurred by significant institutional and retail capital inflows and rising market volatility, according…

    Continue reading
    WazirX announces plans to launch DEX amid fallout from record crypto theft
    • November 6, 2024

    WazirX announced plans to launch a decentralized exchange (DEX) as part of a broader effort to enhance user security. The move follows a major breach in July, when hackers siphoned…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Increased demand and heightened volatility signal further upside for Bitcoin – Glassnode

    • By
    • November 7, 2024
    • 0 views
    Increased demand and heightened volatility signal further upside for Bitcoin – Glassnode

    WazirX announces plans to launch DEX amid fallout from record crypto theft

    • By
    • November 6, 2024
    • 0 views
    WazirX announces plans to launch DEX amid fallout from record crypto theft

    Spot Bitcoin ETFs on track for record-breaking day following Trump win

    • By
    • November 6, 2024
    • 1 views
    Spot Bitcoin ETFs on track for record-breaking day following Trump win

    JPMorgan to launch instant euro-dollar conversions on its blockchain

    • By
    • November 6, 2024
    • 1 views
    JPMorgan to launch instant euro-dollar conversions on its blockchain

    Trump election win set to kick off ‘golden age of crypto’ in the US – Bitwise CIO

    • By
    • November 6, 2024
    • 1 views
    Trump election win set to kick off ‘golden age of crypto’ in the US – Bitwise CIO

    Polymarket’s accurate forecast of Trump win highlights gaps in mainstream media, pollsters

    • By
    • November 6, 2024
    • 0 views
    Polymarket’s accurate forecast of Trump win highlights gaps in mainstream media, pollsters