Chainlink launches Data Streams on Avalanche to enhance real-time data access. Data Streams introduces pull-based oracles for low-latency data retrieval. The new product adds to the expanding range of Chainlink’s product offerings.

Chainlink has introduced an innovative product dubbed Data Streams on the Avalanche Network in partnership with GMX, a perpetual futures trading platform. This new product aims to revolutionize data handling for decentralized applications like GMX.

By leveraging Chainlink’s cutting-edge Data Streams, GMX will provide real-time, high-frequency market data essential for its decentralized futures exchange.

Chainlink’s Data Streams diverge from its traditional “push-based” oracle systems, which routinely update data onchain at set intervals or when specific parameters are met. Instead, the Data Streams product employs a “pull-based” model that retrieves offchain market data on demand with minimal latency.

The traditional push-based oracles are well-suited for numerous applications, but they can fall short in scenarios requiring rapid data updates. In contrast, the pull-based model of Data Streams ensures that data is verified onchain only when necessary, such as during the execution of a trade.

The pull-based approach is particularly beneficial for platforms like GMX, where traders require instant access to raw, high-frequency price data.

The new model not only enhances the speed and efficiency of data retrieval but also maintains the high-security standards essential for onchain finance.

Johann Eid, Chief Business Officer at Chainlink Labs, emphasized the advantages of this new technology stating that by offering unmatched speed and resiliency, Data Streams enable DeFi protocols to provide ultra-fast, high-throughput DeFi products while maintaining the high-security guarantees of onchain finance.

The deployment of Data Streams on the Avalanche Network is part of Chainlink’s broader strategy to expand its product offerings across the blockchain landscape in 2024.

Earlier this year, Chainlink announced an integration with Celo to provide the Ethereum layer-2 network with its CCIP Interoperability Protocol.

Additionally, Chainlink’s Automation features and CCIP protocol were launched on the Gnosis network, enabling users to offload heavy computing tasks to the Chainlink network, potentially reducing gas fees by up to 90%.

Chainlink is also making strides in asset tokenization. A notable partnership with Arta TechFin, a Hong Kong-based asset management firm, was announced to tokenize real estate, a traditionally illiquid asset class. The partnership will lower transaction costs and unlock liquidity, making commercial real estate investment accessible to a broader range of investors.

The post Chainlink launches Data Streams product on Avalanche Network appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

102 +