Totle to Integrate with Chainlink, Will Provide Aggregated DEX Data to Smart Contracts

Decentralized liquidity aggregator Totle announced on Tuesday that it would be integrating with distributed oracle network Chainlink. In an official tweet, Chainlink stated that Totle would provide aggregated DEX data to smart contracts, which dapps can use in the execution of DeFi applications.

.@TotleCrypto is integrating w/ Chainlink to make its Aggregated DEX Data available to smart contracts. Dapps can query Chainlink nodes to gain deep insights into the #DEX space & use it in the execution of #DeFi applications such as DEX-based derivatives. https://t.co/KtAoBq8sUL

— Chainlink (@chainlink) May 5, 2020

Totle monitors the liquidity of over 15 decentralized exchanges and synthetic asset providers. In an official blog post on Medium, the company stated that it is uniquely well-positioned as a DEX aggregator to capture activities of the exchanges and decentralized finance apace at a macro level. Totle founder David Bleznak said,

Chainlink allows smart contracts to access off-chain data feeds, web APIs, and traditional bank payments. It provides secure and reliable oracles to behemoths like Google, SWIFT, and Oracle, and leading blockchain projects like Polkadot, Synthetix, Conflux, etc. On the other hand, as a decentralized aggregator, Totle provides the best pricing inputs available to users for ETH and ERC-20 swaps.

Totle stated in the blog post that as the transactions on decentralized exchanges are rising, the demand for DEX data is on the up, and it is becoming more and more important. “new derivatives products can be created purely designed around DEX liquidity and price action, such as futures and options contracts based on the overall liquidity of DEXs,” it further added.