Chainlink’s price oracles are quickly emerging as the industry-standard data source for the DeFi sector, with top project Kyber Network integrating the price feeds for its token swaps.
Chainlink’s price oracles are continuing to see widespread adoption among decentralized finance, or DeFI, protocols, with Kyber Network (KNC) integrating the price feeds on its KyberSwap token swap service on June 12.
KyberSwap is at least the third DeFi platform to integrate Chainlink’s price data this month, signposting Chainlink’s increasing dominance over the niche market.
Price references displayed for token swaps on the platform now derive from both Kyber Network’s native feeds and Chainlinks oracles.
KyberSwap integrates Chainlink’s price data
A blog post published by KyberSwap describes the integration as protecting users executing token swaps from slippage while safeguarding against price manipulation.
“KyberSwap is glad to work with a reputable project like Chainlink and its decentralized oracle network to provide reliable price feeds for our non-custodial token swap platform and improve the overall trader experience,” said KyberSwap’s head of product, Sunny Jain.
“We’re excited to integrate Chainlink Price Reference Data with KyberSwap to bring more security and reliability to the price feeds their traders rely on for calculating slippage,” said Johann Eid, product manager at Chainlink.
Chainlink price oracles dominate DeFi
Chainlink’s price feeds are quickly becoming the industry-standard of the DeFi sector, with at least three decentralized finance projects incorporating the company’s data in June so far.
On June 2, AVA announced it had begun integrating Chainlink’s feeds to make the price data available to developers building applications on the AVA network ahead of its mainnet launch this season.
Speaking to Cointelegraph, AVA Labs co-founder Kevin Sekniqi stated: “Chainlink provides access to the feeds of financial data and real-world information necessary to build new financial instruments and the next wave of decentralized finance.”
“When you look at the outstanding growth of Ethereum’s DeFi community, it’s clear just how important powerful oracles can be when deployed by talented developers.”