Decentralized oracle networks like Chainlink play a pivotal role in the mainstream adoption of blockchain technology. These networks have provided a solution that has fostered applications and uses in the crypto ecosystem.
If you are the type to be mesmerized by the amazing stories on blockchain and the game-changing influence of the Chainlink Network. You are in for a treat with the top 10 projects powered by the Chainlink Network
The Chainlink network functions as a bridge between off-chain data and other resources. It allows hybrid smart contract capabilities to seamlessly connect to real-world data and off-chain data while ensuring security and reliability.
Launched in 2017, the network offers unique solutions, and premium APIs among other unique solutions, thanks to its credential management capabilities. Unlike other Oracle networks operating on a centralized system, Chainlink is a decentralized network.
Interestingly, the network is a reliable alternative for smart contract developers and projects alike.
Without further ado, here are the top 10 projects powered by the Chainlink network.
The top on the list of projects powered by Chainlink 2023 is Synthetix. This liquity protocol platform issues synthetic assets on the Ethereum blockchain which makes it a more mature financial market.
The protocol uses decentralized oracles which are smart contract-based price discovery protocols to keep track of asset prices. This also allows users to hold and exchange “Synths,” the platform’s financial instruments in the form of ERC-20.
With Chainlink, Synthetix has been able to develop a novel pricing technology that brings synthetic assets into the DeFi market via secure Oracle and high-quality data.
Another top DeFi project for 2023 is Lido, Etherum’s largest staking platform. The platform was created to allow users to stake their ETH easily and earn rewards through what is known as liquid staking.
Users on this platform earn stETH when they stake via Lido and the rewarded token can be used at other different platforms which have integrated support.
In 2021, Lido announced its business partnership with Chainlink, aimed at expanding the use of stETH. Aside from this, Chainlink gives users assess to price feeds, as well as removing manual processes in operations while adding security to Lido.
This platform is unarguably one of the best and biggest names on the project list. PancakeSwap has integrated its operation with the Chainlink ecosystem. While PancakeSwap focuses on decentralized token swapping and liquidity provision, Chainlink provides the platform with reliable data feeds to enhance functionality.
In 2022, Pancakswap announced its first attempt at integrating Chainlink price charts on its prediction platform.
Similarly, late last year, the platform also launched a fully automated Cake prediction market by Chainlink keepers.
Liquity is a 0% interest loan, a decentralized borrowing protocol, that uses Ether as collateral.
The liquity platform is also one of the protocols that have implemented Chainlink pricing automation.
This is primarily to improve risk management in DeFi. It is imperative to its core functions such as opening long/short positions, triggering liquidations and other functions bordering on redeeming LUSD, the native asset of the protocol.
One other platform that has benefited in 2023 by incorporating Chainlink in its operations is dClimate. The platform is a go-to for businesses and builders to get access to information about weather and climate impacts on our communities.
dClimate also provides data-driven solutions to help the community achieve resilience.
The main purpose of partnering with Chainlink is to help solve climate data retrieval and validating challenges. This is because dClimate is in two categories.
The first category is charged with uploading authentic climate data for $DAI in exchange while the other category is for users to explore dClimate marketplace and transact with $DAI
Another DeFi platform to take note of is the Kiara. This is a high-speed layer-1 blockchain built as a developer-friendly co-chain system that blends both Cosmos and Ethereum into one scalable network.
What makes Kava different from its DeFi competitors is its cross-chain operation and unique interoperability, all thanks to the Cosmos network.
Kava’s need for Chainlink is to help provide secure data for use on the platform. KAva’s scalability combined with Cahinlink’s oracle provides the ecosystem with high-quality data to make truly reliable Decentralized Finanaicla Products.
Awarded the world’s first Web 3 social impact protocol, Maxity finds solutions to transparency and fundraising challenges in blockchain technology concerning charities and non-governmental organizations (NGOs).
The project has integrated Chainlink price feeds into their ecosystem on the Polygon mainnet. With Chainlink, the social impact protocol has access to high-impact, authentic price feeds needed to help display NFT prices on the Maxity Marketplace.
This is a DeFi borrowing platform that offers interest-free borrowing services to users by leveraging collateralized debt positions.
In 2021, the platform made public, its new partnership with Chainlink. According to the company, Chainlink’s accurate pricing data is valuable especially when considering the volatile nature of the crypto market.
Intellectual property theft remains one of the problems in our society and it is not rare in the blockchain system.
Rora Realm seeks to proffer a solution to this menace through its first-ever shill2earn and creat2earn ecosystem which creates a modified version of intellectual property.
Recently, this intellectual property-based protocol announced complete synergy with the Chainlink oracle network. The company has integrated Chainlink verifiable random functions (VRFs) and Keepers to power the Roraverse Raffle, which acts as an integrated marketplace for raffle draws.
In a bid to enhance healthcare administration and ensure equitable access to healthcare for all, regardless of income or location, DeHealth was born.
The DeHealth App is a mobile app based on artificial intelligence and medical data.
This decentralized application (dApp) allows users to protect their health and monetize their anonymized medical data using the DHLT token, by securely and independently saving it in a single location, sharing it, managing it, and even monetizing it using DHLT.
Therefore, with its high reliance on data, DeHealth obtained access to Chainlink Keepers and Chainlink Price Feeds. This allows the platform to expressly secure and initiate cost-effective automated DeHealth reward distribution. Contrarily, Chainlink Price Feed offers precise and real-time price information to guarantee that participants are paid fairly.
More than ever, we are seeing the inevitability of Web3 and some of them include the connectedness between networks to provide users, control over their assets. Just recently, the Coinbase network was also integrated with the Chainlink network for a security, reliability and user experience solution. It seems we might be seeing more interconnectedness among platforms towards providing better services.
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