Chainlink Price Feeds are live on Fantom Mainnet, enabling highly scalable DeFi applications
We are pleased to announce that after a successful testing period, the industry-leading Chainlink Price Feeds are now live on the Fantom Opera mainnet. This native integration was made possible by a grant given to block42 through the Chainlink Community Grant Program.
DeFi smart contracts on the Fantom mainnet can incorporate these Chainlink-powered decentralized oracle networks for high-quality, tamper-proof, and low latency financial market data feeds. If you are a developer building on Fantom and want to connect your smart contract to Chainlink Price Feeds, please refer to the following documentation: https://docs.chain.link/docs/fantom-price-feeds/.
The initial integration involves the launch of the following Chainlink Price Feeds: AAVE/USD, BNB/USD, BTC/USD, CREAM/USD, DAI/USD, ETH/USD, FTM/USD, LINK/USD, SNX/USD, SUSHI/USD, USDC/USD, and USDT/USD. Teams wanting help launching additional Chainlink Price Feeds for stablecoins, cryptocurrencies, commodities, indexes, forex rates, and more can reach out here.
Given their historical reliability, high level of security and optimization for wide market coverage on all price data, we recommend that any Fantom developer needing financial market information to consider Chainlink oracles. Chainlink Price Feeds have proven resilience throughout extreme market volatility and network instability, including during centralized infrastructure outages, flash crashes, and data manipulation attacks. For further details on the benefits of Chainlink, view our previous testnet announcement.
Building with Chainlink on Fantom’s highly scalable, low-cost, and EVM-compatible blockchain enables developers to still get high quality data and decentralized security while achieving high performance and cost efficiency enhancements. Developers can use Chainlink Price Feeds to perform a wide variety of DeFi functions on Fantom, including to trigger supply adjustments in algorithmic stablecoins, settle futures and options contracts, determine accurate staking rewards in liquidity pools, calculate collateralization ratios in lending and borrowing protocols, and much more.
The Chainlink price feeds arrive as activity on Fantom DeFi protocols soars. As of mid-August 2021, Total Value Locked (TVL) on Fantom is more than $390M, significantly higher than at the beginning of the year. Users and developers are turning to Fantom to take advantage of 1-second transaction finality and consistently low transaction fees that average to less than a cent, no matter what the volume on the network is. Fantom’s EVM compatibility makes it easy for developers to port their smart contracts over to Fantom, and for users to access Fantom dApps via well-known wallets like MetaMask. These factors, along with the liquid staking Fantom offers on its streamlined wallet, are just some of the drivers behind the platform’s growing popularity.
The end result is Fantom and Chainlink empowering a new wave of innovation in the blockchain industry around high-throughput DeFi applications with near-zero transaction fees, one-second finality, and universal connectivity to premium data. With Chainlink as a go-to oracle solution for development teams, we look forward to seeing all of the novel applications developers build to foster a truly open and transparent global financial system.
“We’re excited to start a new wave of scalable DeFi development on Fantom with support from the widely adopted Chainlink Price Feeds for high-quality, tamper-proof data at low latencies,” stated Michael Kong, CEO of Fantom. “Given the extensive collection of Chainlink Price feeds, Fantom developers now have the ability to rapidly develop and expand their DeFi products and services while users receive best-in-class security, reliability, and usability.”
Stay tuned for more announcements in the future, such as the launch of Chainlink VRF on Fantom to support gaming and NFT development.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
Fantom is a fast, scalable, and secure layer-1 EVM-compatible platform built on a permissionless aBFT consensus protocol. On Fantom, transactions are confirmed in around a 1 second and cost on average one cent. Speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world use-cases.