Polygon founder hails Chainlink’s integration as “new era for DeFi”

December 16, 2023 01:53 AM AEDT | By Invezz

Polygon founder hails Chainlink’s integration as “new era for DeFi” — Image source: Invezz

“A game-changer for DeFi”

According to Polygon, developers can tap into the available external price data to build and deploy advanced DeFi applications, decentralised exchanges (DEXs) and other products. Chainlink’s data solution, Ethereum’s robust security, Polygon’s ecosystem (including its zkEVM and Supernets appchains) puts DeFi on course for a new leap.

“The combination of Chainlink’s industry-leading data solution and the Polygon zkEVM’s ZK Rollup superpowers will be a game changer for DeFi, making a whole new class of advanced DeFi applications possible,” Nailwal said in the X post.

Chainlink Data Feeds allows for smart contracts integration with real-world data, including prices, asset reserves, and NFT floor prices among others. With data feeds on Polygon zkEVM, developer opportunities on the platform could see trillions of dollars in tokenized real world assets (RWAs) move on-chain.

.@chainlink has been with @0xPolygon ecosystem side-by-side ever since Matic Network became Polygon in Feb. 2021. And what a journey it has been for both communities! On Polygon PoS, Chainlink is now used by the largest protocols like Aave and Gains and secures 85-90% of the… https://t.co/61lg61UdsK
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) December 15, 2023

In particular, Nailwal sees one of the biggest catalyst being the increased integration and leveraging of the Chainlink’s Cross-Chain Interoperability Protocol (CCIP). The interoperability protocol, which connects blockchains and bank chains, has widely been integrated since its launch on Chainlink mainnet in July.

Supported chains include Avalanche, Ethereum, and Optimism as well across multiple DeFi protocols and global financial institutions. Market observes says CCIP puts Chainlink at the forefront of the growth across the tokenization market.

“Chainlink’s CCIP will be the connection between the DeFi economy and the emerging bank blockchain ecosystem. CCIP is already being explored by some of the world’s largest financial institutions and market infrastructures like Swift, DTCC, ANZ, and more,” Nailwal noted.

The DeFi sector is seeing a resurgence in activity following a brutal bear market, with total value locked (TVL) on different chains and protocols hitting $50 billion again.

The post Polygon founder hails Chainlink’s integration as "new era for DeFi" appeared first on Invezz

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