Dusk and Chainlink Consolidate to Achieve Privacy for DeFi

The Dusk Network this week made a statement on its website that it will be combining forces with Chainlink, a reliable decentralized oracle network. With this collaboration and access to price-feed data, Dusk’s advancement of administering smart contracts will be attainable.

The alliance between Dusk Network and Chainlink will curate an essential component for a trustworthy structure. This bond with Dusk aligns with Chainlink’s aim to grow into a blockchain agnostic system. The Dusk Network’s tokens will now have the ability to be conscious about an array of applications, facilitating synthetic assets and real-time price feeds.

To make a breakthrough in the global financial ecosystem, DeFi needs to provide a universal adoption. This implementation must abide by the existing regulations in place even if these DeFi applications are set apart. Current financial applications can profit from the merits of DeFi, and corporations can hold their trust in a system that warrants privacy protection. With Chainlink’s offerings, Dusk can add tokens to the cross-chain bridge opening up the opportunity to adopt mainstream and user cases while upholding security and privacy.

The potency of this linkage implements the main component demanded to produce secured cross-bridges with other blockchains like Elrond and Ethereum.

This is a massive move that will be appreciated by DeFi applications. As cited by the Tech Lead of Dusk Network, Emanuele Francioni, with the application of privacy in DeFi, the objective is to level the playing field. Bringing privacy to the forefront of Dusk will eliminate public frontrunning of transactions which has resulted in costlier fees by Ethereum.

Dusk’s ultimate plan of action is to incorporate a model that enables tokens to preserve their confidentiality. Going forward, Dusk wants to facilitate users of Decentralized Finance Ecosystems to have applications that will maintain the privacy decorum.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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