Hedera network aims to transform decentralized finance (DeFi) and tokenization of real-world assets (RWA) Chainlink $30.0Announced its integration with decentralized Oracle solutions. This collaboration aims to provide developers with a secure, transparent and decentralized data infrastructure by incorporating Chainlink’s Data Streams and Proof of Reserve into the Hedera ecosystem.
Chainlink and Hedera
According to the latest announcement, Hedera has adopted Chainlink Data Streams to increase the security and transparency of DeFi applications and tokenized real-world asset platforms. This integration gives developers on the Hedera network access to accurate and manipulation-proof market data necessary to create decentralized financial products.
Using Chainlink’s decentralized oracle networks, Hedera developers can obtain reliable off-chain data for various applications. This includes applications such as automated market makers (AMMs), lending protocols and decentralized exchanges (DEXs). This infrastructure improves risk management by eliminating data manipulation risks and increases liquidity in DeFi markets.
Transparency Increases in Tokenized Assets with Proof of Reserve
Chainlink’s Proof of Reserve (PoR) functionality has been integrated into the Hedera network to support collateralization of tokenized assets. This tool enables real-time verification of reserves on the network and guarantees that RWAs are fully supported by the corresponding assets.
The PoR feature retrieves reserve data from custodians and publishes it on-chain, allowing developers and users to access the information instantly. This automatic verification increases trust in tokenized financial products while reducing risks associated with under-collateralized assets. Additionally, the decentralized nature of PoR ensures transparency and security by eliminating a single point of failure.
Chainlink SCALE Program
In order to foster innovation, HBAR Foundation has joined the Chainlink SCALE program. This program aims to reduce costs associated with accessing the decentralized infrastructure of the Oracle network by subsidizing oracle services for developers on the Hedera network.
By participating in the SCALE program, Hedera is strengthening a developer-friendly ecosystem. This partnership enables developers to develop DeFi protocols and RWA applications while maintaining cost efficiency.
Post the recent announcement, market activity around LINK and HBAR tokens has increased. Analysis shows that recent developments have led to positive movements in the LINK price and there is a potential for it to rise up to $60. Coinbase’s integration into LINK’s Oracle network and World Liberty Financial’s $1 million investment boosted investor confidence. On the other hand, Hedera price showed a slight reaction due to market fluctuations and HBAR price traded at $0.2881, down 1.24%.
These developments are considered important steps in security and transparency in the blockchain ecosystem. Hedera and Chainlink’s joint work aims to create a solid foundation for future financial applications.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
