Chainlink has announced that its price feeds are now live on the zero-knowledge (ZK) scaling solution, Polygon zkEVM. The latest development essentially aims to allow developers to build advanced DeFi applications.
Chainlink Data Feeds’s functionality allows DeFi developers to tap external price data to develop and launch highly effective liquidity protocols and advanced decentralized exchanges, among other things.
Polygon zkEVM Welcomes Chainlink Price Feeds
According to the official press release shared with CryptoPotato, Chainlink claims that multiple layers of decentralization at the price data, oracle node, and oracle network levels make its data feeds resistant to API downtime, flash crash outliers, and data manipulation attacks such as flash loans, thereby ideal for security-first DeFi protocols build on Polygon zkEVM.
Commenting on the development, Marc Borion, CEO of Polygon Labs, said,
“With the integration of Chainlink Data Feeds, DeFi can take the next step on Polygon zkEVM. Chainlink oracles unlock a host of DeFi applications, bringing opportunity for new dApps that truly leverage the unique value propositions of a ZK rollup, including fast finality and robust security. This functionality is set to unlock the deployment of several significant DeFi protocols on Polygon zkEVM early next year.”
Chainlink Data Feeds
Chainlink Data Feeds rely on networks of independent, reputable, and geographically dispersed node operators, ensuring a high level of reliability.
The data is gathered from various premium, authenticated APIs and consolidated into a validated response. This is to eliminate the risk of a single point of failure. The on-chain data is easily verifiable and immutable, enabling users to audit any Data Feed in real-time through multiple third-party interfaces.
While highlighting the need for security for the long-term vision of any DeFi protocol, Johann Eid, Chief Business Officer at Chainlink Labs, stated,
“We’re thrilled to be supporting Polygon zkEVM with secure and reliable price data that empowers developers to begin building lightning-fast DeFi applications that fully leverage Polygon zkEVM’s speed and scalability. Security is a necessity for the long-term vision of any DeFi protocol, and with Chainlink’s robust, time-tested oracle networks now live on Polygon zkEVM, we’re excited to see what gets built.”
The latest development comes amidst heightened whale transactions while LINK stands at over 120% yearly gains.
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