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Home»DeFi»Tron’s DeFi ecosystem expected to get a boost thanks to Chainlink collaboration
DeFi

Tron’s DeFi ecosystem expected to get a boost thanks to Chainlink collaboration

November 1, 2024No Comments
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Tron founder Justin Sun said that integrating Chainlink into the blockchain would present significant opportunities for both networks to expand into the stablecoin and real-world asset sector.

In an October 31 article on X, Sun said:

“(Tron) has joined Chainlink Scale, adopting Chainlink Data Feeds as the official oracle of TRON. Once upgraded, over $6.5 billion in DeFi TVL will be secured by Chainlink, creating opportunities for Chainlink and over $60 billion in TRON in stablecoins and RWA! »

Through the Chainlink Scale program, Tron aims to expand its ecosystem by leveraging Chainlink’s trusted Oracle services.

To support this integration, Tron will initially cover certain operating costs of Chainlink Oracle, such as transaction fees. Over time, these costs will gradually be transferred to dApp users.

This transition means that Tron will soon retire its existing Oracle solution, WINkLink, in favor of Chainlink data feeds.

Chainlink’s Data Feed is an essential blockchain tool that connects smart contracts and real-world data, like asset prices. The Oracle Network ensures reliable data delivery by collecting information from various sources through a decentralized network of independent node operators.

Several DeFi applications on different blockchain networks, including Ethereum, rely on this price feed to ensure the proper functioning of their services.

This change means that Tron’s flagship DeFi platforms, including JustLend and JustStable, holding approximately $6.5 billion in total value locked (TVL), can access reliable pricing data through Chainlink’s platform.

Thodoris Karakostas, head of blockchain at Chainlink Labs, highlighted the role of data feeds in strengthening Tron’s DeFi economy. He noticed:

“By providing highly reliable, accurate, and decentralized on-chain market data, Chainlink will enable developers in the TRON ecosystem to build next-generation DeFi applications and advance the decentralized internet.”

Sam Elfarra, spokesperson for the Tron DAO community, expressed optimism about the impact of the program, stating that it will advance the network’s DeFi sector. He highlighted that developers will now have access to high-quality data Oracle solutions to support the network’s ecosystem expansion and adoption goals.

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