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Chainlink
Chainlink - Gnosis Chain Integration
Chainlink Being Integrated on Gnosis Chain (Formerly xDai) as the Go-To Oracle Solution for GC Developers
We are excited to announce that through a grant from the Chainlink Community Grant Program, leading development shop Protofire will be natively integrating Chainlink’s market leading decentralized oracle network into the Gnosis Chain. As our preferred oracle solution, Chainlink provides our users with a robust set of guarantees not found in other oracle networks as it pertains to high-quality data, secure node operators, decentralized infrastructure, and transparent operations. These features are time-tested and have proven to secure over $4B in USD value on mainet for many leading DeFi applications relying on Chainlink oracles for key contract functions like Synthetix, Aave, yEarn, and more.
We believe in empowering our users with the most in-demand and secure infrastructure in the market, and bringing Chainlink directly into Gnosis Chain through support from Protofire will enable a whole new class of scalable, stable-value decentralized applications, starting first with DeFi and then expanding beyond. It will also directly support the many Chainlink ecosystem projects building on xDai Chain, ensuring they can natively access Chainlink’s trusted oracles.
Leveraging Gnosis Chain and Chainlink Oracles For Next-Generation DeFi Applications
The Gnosis Chain is the first Ethereum-based sidechain that uses USD-stable xDAI (a representation of DAI token) as the native coin of the network. All gas fees for broadcasting transactions on the network are paid in xDAI, creating a stable and economically predictable blockchain environment for developers to build on. As a sidechain, it’s also fast and inexpensive, allowing it to support scalable applications in addition to its more reliable system for managing payments.
Like any other blockchain or layer-2 solution supporting smart contracts, there is a pressing need for external data as a means of building dApps that can react to real-world events like changes in asset prices and fluctuating interest rates. Such data is not generated within blockchains, and requires a blockchain oracle to source and deliver it on-chain to be used as an input to trigger a contract’s execution. Importantly, the oracle must maintain the same security properties as the underlying blockchain if users are to rely on it to build trustless smart contract applications that secure large amounts of value.
Chainlink has established itself as the standard in blockchain oracles, becoming the most widely used oracle network in the market for securing real value for live smart contracts. Some of the reasons we are committing resources towards making Chainlink the go-to oracle solution for GC developers include:
- High-Quality Data - Chainlink provides plug-n-play decentralized price oracle networks for a wide variety of financial assets, as well as the ability to connect to any authenticated API to access premium password-protected data
- Secure Nodes and Decentralized Infrastructure - The Chainlink Network provides developers with a large collection of Sybil-resistant oracle nodes that GC developers can leverage within decentralized networks to receive highly available, manipulation resistant oracle services
- Proven Solutions - Chainlink supports the largest collection of on-chain price oracles for DeFi, as well as an innovative verifiable randomness function (Chainlink VRF), both of which are live in production to immediately support xDai’s DeFi and Gaming developers.
Each Chainlink Price Feed is accompanied by an open visualization so users can monitor the real-time performance of the oracle network, such as the Chainlink ETH/USD price oracle pictured above
As part of the Chainlink grant, Protofire will provide several key components to the integration of Chainlink into Gnosis Chain, including: validating and adapting Chainlink contracts to ensure compatibility with Gnosis Chain, ensuring that the LINK token is bridged to GC, testing and deployment of all components to GC, and delivering a monitoring solution for the Chainlink GC integration. For more information on the grant, check out Chainlink’s grant announcement.
Once complete, developers will be able to leverage the world class oracle services of Chainlink directly on Gnosis Chain without any external dependencies on Ethereum. This means that any Chainlink oracle network launched specifically on and for the Gnosis Chain can run at the native speed of Gnosis Chain.
We can’t wait to see what kind of applications developers create leveraging the stability and scalability of GC with the secure and reliable oracles of Chainlink.
“We believe that the Gnosis Chain offers many major benefits to Ethereum developers wanting scalability and economic predictability for their blockchain applications. Now through the help of Protofire and Chainlink, we will soon be able to connect GC applications to the outside world, giving developers access to Chainlink price feeds, a source of provably fair randomness, and virtually any off-chain API they require to build end-to-end applications. This greatly expands what developers can build on GC while retaining key security properties critical to the value of all blockchain applications.” -- Igor Barinov, xDai Founder & Lead Developer
About the Chainlink Network
The Chainlink Network is the most widely used and secure way to power universal smart contracts. With the Chainlink Network, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands people, the Chainlink Network is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
The Chainlink Network is trusted to deliver definitive truth by hundreds of organizations to provide continuous, reliable data feeds. To learn more, visit chain.link and follow @chainlink on Twitter
About Gnosis Chain
The Gnosis Chain enables fast, inexpensive, and stable blockchain transactions. As an Ethereum sister chain, GC is a community driven project that values compatibility and interoperability with the Ethereum mainnet. First conceived in 2018 at EthBerlin by founder Igor Barinov, GC provides a stable, intermediary support layer for Ethereum. Data, applications, and assets can migrate seamlessly between the two chains, providing backend safety and practical scalability.
Projects on GC can leverage a full suite of development tools including exclusive applications like BlockScout, a full-featured, customizable block explorer and Omnibridge, a bridge providing interoperability for any ERC20 token between Ethereum and GC. This synergy between stability, security, interoperability, and scalability opens the door for many exciting applications and new use cases.
Chainlink integration instructions and tutorials coming soon
Last modified 25d ago