Binance And Chainlink To Collaborate For ‘Next-Gen DeFi Apps’

Binance and Chainlink will collaborate together to further develop the expansion of Decentralized Finance applications as we are about to see in the Chainlink news today.

DeFi is a major trend right now and the protocols heavily rely on blockchain-based smart contracts to build decentralized infrastructures that are able to host financial applications inspired by traditional finance. Everything about lending, derivatives trading or decentralized exchanges will be improved with the new apps according to the announcements.

Binance and chainlink have both been true believers in DeFi and the Malta-based crypto exchange recently launched its own decentralized exchange called DEX which operates separately from its main platform. Binance, led by Changpeng Zhao argues that smart contracts can be flawless but it is not imperative to focus on the data that they rely on as well. If the data triggering a smart contract is not reliable, then the contract will fail no matter how good the code is. This is why it is important that DeFi developers access trusted data via secure oracles and here is where Chainlink can help. CZ commented:

‘’We support the development of Decentralized Finance as an important part of the ecosystem. Binance works with many blockchain projects, including Chainlink, to bring freedom of money everywhere, and through the help of Binance data and Chainlink’s network, we can help accelerate the growth of DeFi.’’

He explained that the exchange is trying to find ways to connect its platform to blockchains with the help of Chainlink. Binance offered high-end data that can be used by DeFi projects and Chainlink will support it. Binance provides an application programming interface that covers more than 630 crypto pairs with millions of users from more than 100 countries. The company wants to share its valuable data with other DeFi dapps by leveraging Chanlink’s oracle network:

 “Making these datasets available on public blockchains allows interoperability across centralized and decentralized worlds, whereas DeFi Dapps can greatly benefit from data produced by highly liquid centralized exchanges.’’

Chainlink’s oracle technology will help the DeFi projects to access the off-chain data of Binance in a secure manner. Chainlink has created an external adapter that will allow smart contracts to integrate into the data from the Binance API.
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