Fusion Teams Up With Chainlink Oracle Platform To Aid Defi
Working as a highly efficient decentralized interoperable protocol solution, Fusion Protocol has announced to bring a market-leading oracle platform, Chainlink, on board to aid the DApp developers and the DeFi community working on the network. The integration between Chainlink’s decentralized oracles and Fusion’s world-class interoperability solution DCRM is likely to help the Fusion team accomplish its ultimate goal of bringing data-driven smart contracts interoperable in the real world, for the decentralized space.
Fusion and @chainlink to provide interoperability exchange and custody solution for #DeFi. 💪
The combination of Fusion's #DCRM and Chainlink's decentralized oracles provide cross-asset transactions powered by cross-chain / off-chain data.$FSN X $LINKhttps://t.co/s31MtAMDie
— FUSION 🪢 (@FUSIONProtocol) July 16, 2020
According to the blog post, the users will enjoy access to cross-asset transactions leveraged by cross-chain/off-chain data in a secured interface. On March 31, Fusion launched the highly-anticipated upgradation to Mainnet 3.6, which facilitated smart contract support for the time-value market and assets. The team-up will provide a wide range of tools to developers for designing advanced DApps and DeFi solutions on the Fusion ecosystem.
The blockchain interoperability focused @FUSIONProtocol is integrating #Chainlink Price Reference Data to power cross-chain #DeFi applications. Chainlink oracles will also be used to validate key off-chain events when swapping assets on Fusion’s DCRM. https://t.co/4LjTD7Or2A
— Chainlink (@chainlink) July 16, 2020
DCRM can be used by the developers to exchange any potential asset from any blockchain network. All DCRM transactions and swaps shall be registered on the Fusion network and interlinked to off-chain APIs via oracles. Fusion will allow access to any of the 35 or more price reference contracts of Chainlink that are fully decentralized at the node operator as well as at the end of the data sources. These contracts offer accurate data related to cryptocurrencies, FX, commodities, indices, and other financial information. Chainlink oracles rely on quality control standards that allow access to secure node operators and exclusive data sources.
Dejun Qian stated, Founder, and CEO of Fusion,
Chainlink and Fusion collaboration will help in:
- Tracing and managing off-chain bank accounts to facilitate Fiat transactions
- Aiding in tokenization of securitized loans by helping in giving debt loans from deposits of the investors
- Keeping a check on cash payments from lenders
- Calculating and distributing payments to investors securely
One can use a variety of features offered by Chainlink’s Price Reference Data Contracts. These include the price on a roll, update frequency, node operators, and many others via the visualization and third-party tools that extract data from the blockchain directly. The Fusion system developers can create their own Chainlink Price oracle solutions using the 100+ nodes available at market.link. By using the external adapter technology, the users can join any off-chain data resource at their will. Chainlink node operators will be paid directly in LINK as DCRM accepts the use of any token on its blockchain. Fusion’s native token FSN will be used as a gas token for Fusion ledger transactions.
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