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xDai Empowers Users with Chainlink

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Additionally, the integration will expand xDai’s capability to support next-generation DeFi and a new class of scalable, stable-value decentralized applications. Currently, Chainlink Oracle Network secures $4B in USD value on leading DeFi applications like Synthetix, Aave, yEarn. Along with that Chainlink network provides decentralized infrastructure, high-quality data, and secure nodes to these applications.

The real xDai expansion

According to Igor Barinov, Founder and Lead Developer xDai, Protofire and Chainlink will help in the expansion of xDai ecosystem. Primarily, because the xDai applications will be able to connect to the outside world. These applications will give developers access to reliable Chainlink price feeds and any off-chain API to build end-to-end applications. Additionally, the developers will not have to worry about security properties.

According to the official blog, Protofire will provide key components of this integration. This includes:

1) Validation and adoption of Chainlink contracts for xDai chain compatibility

2) LINK token bridged to xDai

3) Deployment and testing of all components to xDai

4) Monitoring solution for the xDai integration

This integration will provide a playground for developers to build next-generation applications. Moreover, these apps will be able to leverage the time-tested Chainlink oracle service on xDai Chain. Additionally, this will remove Chainlink’s dependency on Ethereum and the oracle network will run at xDai Chain’s native speed.

Chainlink ecosystem growth

Recently, Chainlink released the Chainlink Community Grant Program. This program provides financial resources to the development teams. Protofire is the latest receiver of this grant and it is the right candidate because it is both a validator and core developer of the xDai technology stack. Additionally, it holds extensive expertise in the xDai platform. With the latest grant program Chainlink plans to provide financial assistance to developers and researchers that help launch services around Chainlink Network.

LINK price and STAKE price

In the last 24 hours, LINK price surged by over 16% and STAKE is up by over 21.5%. It seems the integration of these very two strong players is driving the price surge.

For more crypto-related updates, do check-out Altcoin Buzz YouTube channel.

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 11/7/2020

Digital & Hitech

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