As a seasoned crypto investor with a decade-long journey in this dynamic world, I’ve witnessed countless partnerships and integrations that have shaped the blockchain landscape. However, the recent announcement of TRON DAO adopting Chainlink as its official oracle solution left me particularly intrigued.
In simple terms, Chainlink Data Feeds will serve as the primary data source for TRON’s decentralized finance (DeFi) projects, JustLend and JustStable, offering them necessary data feeds within the TRON blockchain network.
In a press release dated October 31st, TRON (TRX) declared that it would cease all assistance and dependence on WinkLink as an oracle for the TRON blockchain, which is managed by its decentralized autonomous organization, TRON DAO. Instead, TRON will transition to using Chainlink Data Feeds to deliver real-time pricing data directly on the network.
In a blockchain, an oracle serves as a conduit for delivering outside information to on-chain smart contracts. Functioning as a bridge to external systems, oracles empower decentralized applications to tap into off-chain data and execute actions based on real-world occurrences, such as weather updates, random numbers, market prices, event results, and numerous other types of data.
By integrating Chainlink’s renowned data oracle services, we aim to fortify the security of JustLend and JustStable – the leading DeFi applications within the TRON ecosystem, collectively holding a value liquidity exceeding $6.5 billion.
According to the latest information from DeFi Llama, Chainlink dominates the oracle sector with an impressive total value secured of approximately $26.17 billion. This figure surpasses that of competitors such as WINkLink, Chronicle, and Pyth Network, whose combined total value secured amounts to roughly $18.4 billion.
As stated in the announcement, this collaboration signifies TRON’s involvement in the Chainlink Scale program, a venture they believe will foster faster expansion and acceptance within the ecosystem.
In the process of integration, TRON is planning to take care of temporary operational expenses related to Chainlink Oracle networks, specifically transaction gas fees, until these costs are eventually shouldered by fees charged to users of DApps (Decentralized Applications).
Today’s news: TronDao has integrated with Chainlink Scale, making Chainlink Data Feeds the official oracle for TronDao. This integration will secure over $6.5 billion in DeFi TVL (Total Value Locked) by Chainlink, opening up possibilities for both platforms to leverage their combined stablecoins and RWA (Real-World Assets) worth over $60 billion!
— H.E. Justin Sun🌞(hiring) (@justinsuntron) October 31, 2024
Representative from TRON DAO, Sam Elfarra, stated that the alliance with Chainlink Scale Program aims to speed up the growth of TRON’s DeFi sector by providing developers easy access to Chainlink’s data oracle service.
According to Elfarra, the unrivaled security and dependability of Chainlink make it an obvious selection as TRON’s official oracle provider. This partnership allows us to concentrate on expanding our ecosystem and promoting wider acceptance in the blockchain sector.
In a statement, Thodoris Karakostas, who is in charge of Blockchain Partnerships at Chainlink Labs, expressed that Chainlink aims to establish a solid basis for the Decentralized Finance (DeFi) sector of TRON by offering decentralized on-chain market data.
According to Karakostas, Chainlink will give even more power to developers within the TRON ecosystem, enabling them to create cutting-edge DeFi applications and contribute to the development of a truly decentralized internet.
As a provider of oracle solutions, Chainlink has amassed a staggering $16 trillion worth of transaction value and sent over 15 billion authenticated messages on various blockchain networks. What’s more, Chainlink Data Feeds protect tens of billions in Total Value Locked (TVL) for numerous DeFi projects.
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2024-10-31 16:23