- Celo developers can now access reliable and secure decentralized data from Chainlink at a low cost.
- The announcement has a futuristic impact on the underlying token value, whereby both CELO and LINK prices dropped nearly 3 percent today.
The Chainlink (LINK) network, an integral part of the sustainable DeFi growth through reliable data feeds, has continued to make significant strides through strategic partnerships. Undoubtedly, Chainlink data feeds are currently available in almost all top blockchains and top protocols for developers to build on.
The $5.9 billion valued network uses a decentralized community of node operators, data providers, stakers, and data users. As a result, experts argue Chainlink will be among the blockchains and crypto projects that will survive the many bear markets in the future and also regulatory scrutiny.
With a daily traded volume of about $172 million, the Chainlink network is regarded as a medium-cap altcoin with significant future growth prospects.
Chainlink Data Now On Celo Network
Earlier this year, the Celo community approved a proposal to join the Chainlink SCALE program, a Sustainable Chainlink Access for Layer 1 and 2 Enablement, to accelerate the adoption of the underlying technologies to developers and the global business community. Moreover, the Celo DeFi developers can access low-cost and reliable Chainlink oracle data and services seamlessly in the future.
With a successful onboarding of Celo on the Chainlink ecosystem, the two entities have announced that developers at Celo can begin using the latter’s data for DeFi development.
#Chainlink Data Feeds are live on Celo mainnet.@CeloOrg devs can now build secure, mobile-first DeFi apps with the power of Chainlink's secure, reliable, and low-cost price data feeds.
Explore how Data Feeds unlock a new era of DeFi on Celo ⬇️https://t.co/PTCeWUCtlb
— Chainlink (@chainlink) June 28, 2023
The effects of Celo developers using Chainlink data are mutually beneficial to both chains as an on-chain activity means an increase in value for the underlying native tokens. Moreover, the future of blockchain technology is heavily reliant on the ability of individual chains to safely communicate with other chains at scale.
“We’re thrilled to support the growth of the Celo ecosystem with the native integration of Chainlink’s secure and reliable data feeds, which will power a new era of DeFi,” Johann Eid, VP of Go-To-Market at Chainlink Labs, noted. “The superior uptime, accuracy, and security guarantees provided by Chainlink decentralized oracle networks will enable Celo developers to build more advanced applications that help advance the Web3 space.”
According to Xochitl Cazador, Head of Ecosystem Growth at the Celo Foundation, Chainlink is undoubtedly the leader in oracle solutions for blockchains and decentralized applications (dApps). As a result, the Chainlink credibility will go a long way in helping Celo attract mainstream crypto users.
“Chainlink Data Feeds will empower Celo developers, providing critical access to oracle data and services and bolster Celo’s dApps to drive real-world impact and solutions,” Cazador noted.
Market Outlook
The announcement did not, however, yield a positive outcome to the underlying tokens instantly. As expected, the value of the partnership will begin to yield positive results after more developers on the Celo network taps the Chainlink decentralized data network. According to our latest crypto market data, CELO coin traded around $0.436, down approximately 2.4 percent in the past 24 hours. Similarly, Chainlink’s (LINK) price traded around $5.90 on Thursday, down approximately 2.2 percent on the past 24 hours.
