Synthetix to add Chainlink when starting v3 exchange on Arbitrum
Derivatives protocol Synthetix will add Chainlink data streams to the Arbitrum network in its next v3 deployment, according to a post by Chainlink on the X forum after the governing council unanimously approved the integration.
Chainlink Data Streams are “pool-oriented” oracles designed to deliver guaranteed on-chain data with high frequency and lower latency than conventional “push-based” solutions. That's especially useful for decentralized derivatives exchanges like Synthetix that need real-time access to market data to streamline trades.
“Data streams are flowing at a great rate [enhance] Markets performance, security and reliability on the Synthetix protocol,” said Chainlink.
Synthetix is seeking to close the usage gap between centralized and decentralized exchanges with the Synthetix v3 protocol, with the aim of “becoming the platform for licenseless derivatives liquidity for the next chain of financial products.”
In July, the executive of Chainlink, Raoul Schipper, presented to the governing body of synthetics – “Spartan Council” – a proposal in favor of the merger when deploying v3 Arbitrum, Ethereum layer 2. It was approved on August 9.
Related: Chainlink data streams live on the Avalanche Network
According to the proposal, pending live performance metrics from Arbitrum's implementation, “the use of Synthetix's Data Streams could be extended to cover additional feeds and markets deployed on alternative networks such as Optimism and Base.”
In June, Chainlink launched data streams with other derivatives trading protocols on the Avalanche network.
Chainlink in 2010 It is expanding significantly by 2024. In May, the Oracle provider announced a merger with Silo to provide users of the Ethereum layer-2 network with Chainlink's CCIP protocol.
Recently, Chainlink's automation features and CCIP protocol went live on the Gnosis network, allowing users to offload heavy computing tasks to the Chainlink network, potentially reducing gas bills by up to 90 percent.
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