Cronos to Integrate Chainlink Price Feeds Oracle Solution for DeFi Apps
Crypto.com’s Cronos to integrate with the crypto industry’s most time-tested and reliable Chainlink price feeds for developers needing external financial market data in their DeFi applications. The upcoming integration will give Cronos developers native access to the industry’s most time-tested and reliable decentralized price oracles, enabling a wide variety of cryptocurrency and traditional assets to be priced on-chain by lending/borrowing protocols, derivatives markets, asset management services, advanced DEXes, and more.
Kris Marszalek, co-founder, and CEO of Crypto.com, said: “Our goal is to provide full-spectrum support for all projects built on Cronos. Chainlink has always been a trusted partner for provisioning secure and reliable decentralized oracle networks, and the integration will benefit DApps that need oracles, especially price feeds, to function.”
This marks the second collaboration between Crypto.com and Chainlink Labs, with Chainlink Price Feeds currently used within the Crypto.com DeFi Wallet. Additionally, Chainlink Price Feeds for CRO/ETH and CRO/USD are live on the Ethereum mainnet and used by DeFi applications to price Crypto.com’s native CRO asset on-chain as means of expanding its utility.
Cronos is built upon Ethermint, a Cosmos SDK development framework for launching scalable, high-throughput Proof-of-Stake blockchains that are fully compatible and interoperable with Ethereum. Cronos launched its testnet on July 20, 2021, and is currently onboarding projects to the platform. Projects can instantly port to Cronos from any Ethereum and EVM-compatible chains, with support from the USD 100 million CRO EVM Fund and exposure to Crypto.com’s user base of over 10 million.
Chainlink Price Feeds are being integrated as a trusted, the recommended oracle service for Cronos developers because it’s easy to integrate and proven to secure tens of billions of dollars for DeFi projects. Chainlink’s data aggregation model generates precise price feeds, and its oracle infrastructure ensures consistent uptime and tampers resistance. Some key use cases that become possible on Cronos using Chainlink Price Feeds include pricing collateral assets for money markets, settling futures and options contracts at expiry, establishing exchange rates for tokenized assets, checking limit order conditions, rebalancing algorithmic stablecoins, calculating staking rewards, and more.
Cronos is the EVM chain running in parallel to the Crypto.org Chain. It aims to massively scale the DeFi ecosystem by providing developers with the ability to rapidly port apps from Ethereum and EVM-compatible chains, with funding from Particle B’s $100m EVM fund and access to the 10M+ user base of the Crypto.com ecosystem.
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