- Tezos community projects Smart Chain Arena and Cryptonomic will use Chainlink's oracles
- Applications will include Decentralized Finance (DeFi)
- Collaborations marks yet more interest in Chainlink's oracle services
Chainlink (LINK) on April 30 announced that they would work with Tezos (XTZ) community projects Smart Chain Arena and Cryptonomic, with the intention of using Chainlink’s oracles to bring real-time information to these projects. The teams had received a grant from the Tezos foundation to enable the oracle services into Tezos’ smart contracts.
The official press release reads,
...the SmartPy and Cryptonomic teams are working together to make Chainlink the go-to oracle solution for developers connecting their Tezos smart contracts to real world data and systems. Due to developer demand, Tezos will also be one of the first blockchains supported by Chainlink, further showcasing Tezos as an advanced ecosystem for developing next generation decentralized applications.
Smart Chain Arena is the development team behind programming language SmartPy, while Cryptonomic has developed the Galleon wallet and the Nautilus cloud. Speaking to CoinTelegraph, Cryptonomic co-founder Vishakh said,
Most of our core team has worked in finance for multiple years, especially derivatives finance. We’ve worked on mission-critical systems that handle very high notional financial trades. So that's why we're really attracted to Tezos because of on-chain governance and formal verification. But one missing piece of the puzzle, there have to be external inputs in order to build successful Tezos DeFi applications.
Multiple projects are working with Chainlink, the oracle services of which have become highly desired by projects looking to link external data in real-time to their respective blockchains - greatly increasing the application potential and reliability of said blockchains. Examples of how oracles can be used include it allowing to interact with off-chain data, and accessing external APIs.
The applications of oracles are particularly sought after in the field of Decentralized Finance (DeFi), a hot niche that is seeing tremendous growth, despite some troubles with security. Chainlink itself has discussed the importance of the space and the practical application of oracle services in the space.