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- Akron’s joining of Chainlink BUILD will bring mutually aligned economic incentives for both platforms – Akron and Chainlink.
- Akron Finance plans to bring the concept of crossing networks, as present in traditional systems, to the world of DeFi.
On Wednesday, April 19, Akron Finance announced that it will join Chainlink’s BUILD Program as part of its efforts to boost the adoption of the Akron Crossing Network. Oracle service provider Chainlink is an industry-standard Web3 services platform and has been working on interconnecting several blockchain platforms.
Chainlink BUILD is part of the platform’s efforts to supercharge the Chainlink effect for decentralized applications (dApps) via aligning different cross-ecosystem initiatives. Akron Finance announced that being part of the BUILD, they seek to accelerate the ecosystem growth as well as the long-term use of the Akron Crossing Network by getting access to Chainlink’s oracle services as well as technical support.
Furthermore, Akron seeks to incentivize Chainlink’s crypto-economic security in exchange for the commitment to offer network fees and other benefits to the Chainlink community. Akron Finance’s joining of the BUILD program will help them secure priority support from the Chainlink ecosystem. It will also help facilitate strong incentive alignment between Akron Finance communities and Chainlink.
Why Akron Network Joined Chainlink BUILD
Akron Finance said that joining Chainlink will help them maximize the benefits of reliability and security offered by Chainlink Oracle infrastructure providers. Being part of the BUILD program, Akron Finance shall receive key benefits such as access and integration of secure, high-quality market data using the Chainlink Price Feeds.
Besides, it will also help Akron Finance to seamlessly automate a swap function using the access to Chainlink Automation. In exchange for receiving these services from Chainlink, Akron Finance will make 5% of its native token supply available to other Chainlink service providers, including stakes.
These mutually aligned economic incentives will allow both communities – Akron and Chainlink – to serve each other. Speaking on the development, Tony, co-founder of Akron Finance said:
“We’re excited to be joining the Chainlink BUILD program to gain access to industry-standard oracle services and technical support. The BUILD program will help empower us to build a crossing network that can execute more large trading orders in DeFi. We look forward to continuing our collaboration together and we welcome the passionate Chainlink community into the Akron Finance ecosystem.”
About the Akron Crossing Network
The Akron Crossing Network seeks to create a decentralized exchange (DEX) that will enable the trading of large cryptocurrency positions with minimal friction. This DEX facilitates near-zero price impact matching or crossing of large orders against other large orders or small atomic swap orders at a spot price sourced from a reliable decentralized exchange such as Uniswap.
Currently, the median trade size of DEXs is relatively small. As a result, most large orders execute only on centralized exchanges. In the traditional market, a crossing network, a type of alternative trading system (ATS), covers a significant portion of the market share by trading volume. Akron Finance seeks to bring this concept of crossing networks to the DeFi space.
It plans to do it by offering some of the key benefits such as near zero-price impact for large orders and swaps, MEV protection, as well as earning fees on swaps.
