Fantom recently announced that its testnet has started using Chainlink Price Feeds. The integration will allow developers on Fantom to build and test multiple DeFi-based apps using Chainlink’s precise and tamper-proof data.
Fantom acquired the integration since block42 earned a grant through Chainlink’s Community Grant Program. Block42 is already trying to use Price Feeds for future purposes on the Opera mainnet.
The announcement is expected to boost Chainlink’s popularity, doing searches, like Chainlink price prediction, a norm for traders. Now, Fantom users can use the Price Feeds on Chainlink’s native speed while still maintaining Fantom’s costs. It will ultimately help the market get economical, scalable, and connect DeFi ecosystems and products.
The integration has added multiple price feeds on Fantom testnet, such as:
Multiple node operators use the decentralized oracle solution to secure the feed. The operators use multiple sources to provide relevant data while maintaining a wide market coverage and ensures the provided data is relevant, precise, manipulation-free, and updated.
Both end-users and developers recognize Fantom as an effective network. Its minimal transaction fee and quick procession merged with the EVM support make it the ideal space to innovate. It even allows users to access DeFi products with a friendly interface and without worrying about excess charges.
Previous network and data activity supports the statement as Fantom has deployed over 11,000 smart contracts now. The number shows a whopping 5,000% of growth over the last six months. Further, its wallet usage increased, too, since it reached the 195,000 benchmarks. The number has grown by 3,000% in 6 months. All this amounts to over routine 500,000 transactions.
Michael Kong (Fantom’s CEO) shared his thoughts regarding the development. He stated that the Fantom team is excited to launch a new DeFi era within the Fantom ecosystem by integrating Chainlink. Using its Price Feeds on the Opera mainnet will help developers access precise and tamper-free data. They can use it to support economic and scalable DeFi applications. Knowing that a household name like Chainlink supports their mechanism will allow developers to create viable products.
After the integration becomes usable, Fantom will use the Price Feeds to fulfill its increasing demands. Chainlink will even expand its support for more oracle solutions other than price data, helping Fantom in fields other than DeFi too. Given the prestige Chainlink holds, Fantom users are welcoming the development. If everything goes well, Fantom will start an era of dApps that will revolutionize the sector.
Fantom, the decentralized distributed ledger, recently integrated Chainlink Price Feeds within its testnet. The tool will quickly be integrated into the Opera mainnet as well. The integration will help developers build quality dApps, and Fantom’s CEO is looking forward to it.