TRON Integrates Chainlink Data Feeds, Boosting DeFi Security
TRON announced a major partnership with Chainlink, adding to the growing list of ecosystems integrating the Oracle network’s data feeds, among other services.
This move signals a substantial upgrade in TRON’s infrastructure as it aims to enhance the security and reliability of its DeFi offerings.
Tron to Boost DeFi Security with Chainlink Data Feeds
Chainlink Data Feeds are a vital part of decentralized finance (DeFi), ensuring accurate and reliable price data for decentralized applications (dApps). By leveraging these data feeds, TRON’s largest DeFi applications, including JustLend and JustStable, can rely on a strong source of off-chain data to execute transactions and settle smart contracts safely.
TRON’s founder, Justin Sun, expressed optimism about the collaboration, noting that it positions the network to secure over $6.5 billion in total value locked (TVL) within its DeFi ecosystem.
“TronDAO has joined Chainlink Scale, adopting Chainlink Data Feeds as TRON’s official oracle. Once upgraded, $6.5B+ in DeFi TVL [total value locked] will be secured by Chainlink, creating opportunities for Chainlink and TRON’s $60B+ in stablecoins and RWA,” Justin Sun commented.
Read more: What Is Chainlink (LINK)?
The announcement came during the SmartCon 2024 event, which BeInCrypto discussed among the top crypto news this week. During the conference, Chainlink revealed that its Data Feeds currently secure tens of billions in TVL for various DeFi protocols. Reportedly, the service has also facilitated over $16 trillion in transactions across the blockchain ecosystem.
Indeed, Chainlink Data Feeds help secure smart contracts by providing essential price data while safeguarding them from manipulation risks. This partnership, therefore, replaces TRON’s previous oracle solution, WINkLink, with Chainlink’s infrastructure, which is advertised as reliable and trustworthy.
Further, the integration places TRON among several prominent blockchains that utilize Chainlink’s oracles to access external data securely.
Chainlink Lowers Barriers for Developers
The integration will occur under Chainlink’s Scale program, which aims to lower costs and accelerate service adoption. Initially, TRON will subsidize operational expenses, including transaction gas fees for Chainlink’s oracle networks, until dApp usage reaches a sustainable level to cover these costs independently. This cost structure is expected to ease entry for TRON developers, fostering greater innovation in DeFi.
“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,” said Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs.
Community spokesperson at TRON DAO Sam Elfarra echoed the remarks, saying, “We joined the Chainlink Scale program to accelerate TRON’s DeFi economy by offering developers access to the industry-leading data oracle solution.”
It adds to the list of Chainlink’s recent partnerships, reflecting its growing influence across diverse blockchain ecosystems. Other partnerships include institutions like Swiss Taurus for market pricing, reference data, and identity data, among others.
While TRON establishes itself as a formidable player in the DeFi sector with this integration, it is impossible to forget how Sun’s association with regulatory and reputational challenges has occasionally cast a shadow over TRON’s achievements.
Read more: What Is TRON (TRX) and How Does It Work?
Nevertheless, the blockchain platform has remained focused on innovation, with this latest Chainlink partnership signaling its commitment to security and infrastructure improvements in the DeFi space.
The post TRON Integrates Chainlink Data Feeds, Boosting DeFi Security appeared first on BeInCrypto.
