Price feeds from Chainlink, a decentralized oracle network, are now available on Optimism. Smart contract protocols and applications generally need external oracles to operate, especially for price feeds in decentralized finance (DeFi). This is important for performing actions like the setting up of binary options on expiry and keeping a check on the collateralization of loans.
Now developers can conveniently and safely create decentralized finance applications by using the Chainlink Price Feeds. These oracle networks are tried and tested. They offer good quality and reliable data feeds on-chain for a variety of assets like stable coins, cryptocurrencies, commodities, FX rates, indices, and much more.
An important thing to note is that Chainlink Price Feeds are native to Optimism. This means the Price Feeds run at the speed and cost of Optimism. Developers can now enjoy cheaper, low latency price updates and unlock advanced classes of smart contract applications on Optimistic Ethereum L2, which were not possible on the older L1.
Benefits of Chainlink Integration
With the integration of Chainlinks, existing and new decentralized finance (DeFi) apps can switch over to Optimistic Ethereum platform with minimal to no changes in their coding structure.
According to Jing Wang, the CEO of Optimism, Chainlink Price Feeds will grant a limitless plug-n-play solution to the team at Optimism. On the other side, the co-founder of Chainlink, Sergey Nazarov, noted that developers can leverage decentralized off-chain services to build advanced smart contracts. This is possible largely due to the fact that Chainlink oracle networks are integrated on Optimism.