Recently the Solana (SOL) network integrated the Chainlink services Into its ecosystem. This is not far-fetched because Chainlink is a decentralized Blockchain oracle system on the Ethereum (ETH) network.
It has a data feed system that tracks cryptocurrency asset performance. In addition, this price feed feature provides the easiest way to connect to smart contract real-life data, including prices.
This adoption will enable DeFi developers on the Solana (SOL) ecosystem to directly access feeds on their dApps. Currently, only seven price feeds are available on the network, including ETH/USD, USDC/USD, e.t.c.
But there may be additional feeds in the future. Depending on the developer’s choice, the feeds can either be used on-chain or off-chain. Before Solanas (SOL) adoption of Chainlink services, a real estate platform that enables the investors to purchase tokenized shares of rental properties had already integrated the oracle services of chainlink.
This enabled them to make automated rental payments and distribution to token holders on the platform. Before integrating the Chainlink service on Solana (SOL), the cofounders of both platforms made an optimistic statement regarding the adoption.
Cofounder of Solana(SOL) Anatoly Yakovenko in June 2022, said the integration of Chainlink oracle on the network would be a massive help to DeFi developers on the platform. While Chainlink cofounder Sergey Nazarov, the same month, expressed his excitement about the integration and said the oracle network team Is anticipating their role in the Solana (SOL) ecosystem.
Further, it will be a giant leap forward for DeFi. Along with Solana (SOL), five other chains adopted chainlink Oracle and price feed services. Avalanche (AVAX), BNB chain, Ethereum (ETH), Polygon, and Metis are chains.
More chains may adopt chainlink oracle and price feed services shortly due to the several DeFi projects emerging now and then.