Chainlink Price Oracles Now Power Derivatives And Crypto Products

This month marks a one year anniversary since Chainlink launched its mainnet. We can see that as of today, the Chainlink price oracles are powering derivatives and crypto products. On top of that, the network is continuing with partnerships and industry collaborations.

As of recently, the project partnered with a decentralized exchange named the Opium Network. We could see this on June 3, when the LINK token surged by a bit and the narrative of Chainlink towards building a fully decentralized and verifiable network again proved to be real.

The Chainlink price oracles ensure verifiable price feeds. As a press release in the cryptocurrency news showed, Opium is integrating Chainlink’s price and data oracles to allow faster listing of derivatives on the native platform. All while ensuring accurate and tested pricing of assets.

Decentralized derivatives platform @Opium_Network is live on mainnet consuming #Chainlink Price Reference Data. Opium's founder stated, "The integration was effortless and fast, and will significantly reduce the time required to list new derivatives contracts."

— Chainlink – Official Channel (@chainlink) June 3, 2020

Meanwhile, Opium’s protocol allows users to create, settle, as well as trade financial derivatives and other instruments within the Ethereum blockchain. The product is only one of the many that have joined the ongoing push for DeFi-centric products this year.

From order matching to payouts and creation of secondary markets, there are so many things that are handled directly on the Opium blockchain. The firm noted that the Chainlink price oracles are of big help with derivatives and crypto products, especially with aggregators using The Graph Protocol where traders receive accurate asset charts and prices.

Opium is already live and lists weekly futures contracts and options using the ETH/DAI oracle provided by Chainlink. A trial integration occurred in May, and payouts “completed successfully.”

“We were very impressed by the decentralization and security of Chainlink’s oracle network, and it was a natural fit to integrate Chainlink’s price reference data directly with our exchange,” said Andrey Belyakov, the founder of Opium exchange.

For those of you who don’t follow the Chainlink news, it is important to note that the decentralized oracle network behind LINK enables smart contracts to securely access off-chain data feeds, web APIs and traditional bank payments. This is what the official blog notes.

Meanwhile, the price of Chainlink (LINK) today is at $4.38 with a 1.34% decline. However, the cryptocurrency is still among the best performing digital assets in 2020.