Payments-focused blockchain platform Stellar plans to leverage Oracle Chainlink network solutions, including data standards and cross-chain interoperability protocol, to build decentralized financial traction on the blockchain network.
Summary
- Stellar integrates Chainlink to leverage data feeds, data feeds, and cross-chain interoperability protocol.
- Developers and institutions will benefit from the same solutions generating over $100 billion in total value locked in DeFi.
- The integration is also expected to strengthen the tokenization of real-world assets on the public blockchain.
Stellar will join the Chainlink Scale program and integrate Chainlink’s key solutions, including Cross-Chain Interoperability Protocol, Data Feeds and Data Feeds, according to a press release.
What does this bring to Stellar?
The integration will allow developers and institutions to leverage trusted data and cross-chain interoperability while building decentralized applications on Stellar (XLM). With Chainlink (LINK), Stellar hopes to expand its ecosystem into the booming real-world asset and decentralized financial markets.
The decision to collaborate comes as tokenized treasuries, RWA payments and the overall resurgence of DeFi highlight the sector’s growing traction amid regulatory changes.
“With the decision to integrate CCIP, Data Feeds and Data Streams, Stellar is enabling its ecosystem to access the secure and reliable infrastructure needed to support institutional-grade tokenization and seamless cross-chain applications,” said Johann Eid, Chief Commercial Officer at Chainlink Labs. “This collaboration significantly accelerates Stellar’s ability to scale to meet the demands of a unified on-chain financial system.”
Specific benefits brought to XLM through this integration include proven security via CCIP’s consensus layer. This solution, powered by Chainlink Decentralized Oracle Network, has helped secure over $100 billion in total volume locked on DeFi.
CCIP provides developers with production-ready interoperability.
Developers and institutions can also leverage token-agnostic transfers and programmable token transfers, among other things. Chainlink’s data standards will unlock DeFi on the XLM network.
“Once the integration is complete, Stellar will take another step towards a unified on-chain financial system where real-world and DeFi assets coexist seamlessly,” said Raja Chakravorti, Chief Business Officer of Stellar Development Foundation.
XLM and LINK tokens saw slight gains amid the news and as the broader crypto market appeared to rebound from this week’s selloff.
