Starknet integrates Chainlink Data Feeds to accelerate DeFi growth

2024-7-12 23:40

Starknet, a ZK rollup Layer 2 on Ethereum, has announced that Chainlink Data Feeds are live on its mainnet.

The integration of Data Feeds allows Starknet developers to build scalable and secure decentralized finance (DeFi) applications on the Validity Rollup network. Data Feeds will help accelerate DeFi growth within the Ethereum ecosystem without compromising on network composability and security.

Developers will also benefit from decentralized market data and on-chain reliability, Chainlink and the Starknet Foundation said in a press release.

“Providing Starknet developers with highly secure, reliable, and accurate data will unlock a host of advanced DeFi use cases and drive the adoption of the Starknet ecosystem,” Starknet Foundation CEO Diego Oliva said.

Starknet recently launched its native token STRK in February, airdropping 700 million tokens to the community in the first round.

Eyeing DeFi traction

Chainlink’s Data Feeds continue to play an important role in the crypto market, with the robust ecosystem having enabled transaction value worth more than $12 trillion since early 2022. Chainlink has also enabled the secure, on-chain transfer of over 12 billion data points.

Chainlink’s technology has helped DeFi protocols maintain robust security even during sudden negative events. These include exchange downtimes, data manipulation attacks and flash crashes.

Starknet’s integration of the Data Feeds is therefore a big boost to the L2 network’s growing adoption across the DeFi market. Data from DeFiLlama shows the total value locked (TVL) on Starknet is currently at $255 million after a sharp surge since February this year.

Starknet joined Chainlink SCALE

Starknet’s integration of Chainlink Data Feeds comes after the ZK Rollup network joined Chainlink SCALE (Sustainable Chainlink Access for Layer 1 and 2 Enablement).

SCALE is a program that helps blockchains and L2s accelerate on-chain growth of their ecosystems.

The service allows blockchains or L2s to cover the operating costs of Chainlink oracles that support their dApps. In this case, the Starknet Foundation uses the SCALE partnership to cover costs for Chainlink oracle nodes, allowing its developers to access Chainlink Data Feeds at low costs.

The post Starknet integrates Chainlink Data Feeds to accelerate DeFi growth appeared first on Invezz

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