Chainlink continues being integrated into other blockchain projects. This time SKALE Network has integrated its oracle solutions to offer more value to the elastic blockchain project.
Chainlink continues to make waves in the cryptocurrency space, following another partnership with a crypto project.
SKALE Network partnered with Chainlink in order to utilize its oracle solutions. Through this partnership, SKALE will be able to ensure quick and secure launches of new products and applications.
SKALE Benefits from Chainlink Oracle Solutions
SKALE looks to speed up applications and boost security through the use of Chainlink’s tried and tested oracle solutions. The company will also be looking to take advantage of its price feeds. Using independent secure oracles for monitoring the prices of an array of assets via off-chain data aggregators will ensure the data is accurate and available.
The price feeds will benefit SKALE in the use of DeFi implementation projects. However SKALE will also be making use of Verifiable Random Function (VRF).
VRF gives SKALE the opportunity to develop blockchain gaming solutions that offer unbiased selection, and fair selection for lottery winners.
Chainlink’s Proof of Reserve (PoR) will offer an on-chain monitoring solution of backed reserves. With PoR, SKALE will be able to monitor cross-chain assets bridged to or from SKALE. These will include tokenized assets that have off-chain reserves.
The partnership with SKALE stems from a Chainlink grant award. EU-based Experienced Blockchain API Provider Vulcan Link made it possible to integrate the technology Chainlink offers to grow the SKALE Network.
Integration Continues to Grow
The recent integration with SKALE Network is one of several announcements this week related to Chainlink. For example, the popular oracle project also integrated its tech with Warp Finance this week. Warp Finance announced that it would be making use of Chainlink’s price feeds as a security feature. This comes after an $8 million flash loan hack related to the generic price feeds used by the DeFi project.
Prophet Finance also announced it would be utilizing the company’s Verifiable Random Function (VRF). In this case, VRF will be used to run the project’s internal lottery system in a fair and random manner.
LINK Continues to Soar
Chainlink continues proving to be an important project within the cryptocurrency space. This is reflected in its price, which hit an all-time high of $25.47 on Jan. 23. The ATH for LINK was likely expected, considering the wide array of partners the project has integrated with. The price for LINK climbed 129% in 2021 alone, from $11 on Jan. 1.
The new LINK high comes as no surprise. After all, it occurred just days after speculation that Grayscale Investments could be looking into starting a Chainlink Trust.