Celsius Network Integrates 35 ChainLink (LINK) Price Feeds
2 min read
Summary:
- Celsius Network has integrated 35 Chainlink price feeds
- ChainLink’s price oracles will be used to provide real-time reliable data for DeFi products on the Celsius Network
- ChainLink has also launched its ZRX/ETH price feed to further boost the DeFi industry
- Coinfirm is also using ChainLink oracles for its AML processes
The adoption of the ChainLink (LINK) network to power DeFi platforms continues to expand at an impressive rate. Earlier today, the team at ChainLink announced that the Celsius Network has integrated 35 of its price feeds to provide accurate data for DeFi products on the latter platform. Below is the announcement from the team at ChainLink regarding the same.
.@CelsiusNetwork has integrated 35 Chainlink Price Feeds to power its pricing services. This includes checking user balances in the Celsius Explorer App, in back-office pricing systems, and upcoming tracking of users’ weekly rewards & Ethereum gas prices. https://t.co/UBUU8YJk8L
— Chainlink – Official Channel (@chainlink) October 29, 2020
ChainLink to Power the Celsius Network Ecosystem
The ChainLink price feeds are for the majority of the top digital assets as well as stablecoins and FX rates. They will be used in crucial components of the Celsius ecosystem such as enabling users of the Celsius explorer app to check their balances and transactions. ChainLink’s price feeds will also power lending and borrowing rates on the Celsius app as well as determining upcoming upgrades such as user rewards and up to date ETH gas fees.
Celsius CEO Alex Mashinsky further explained that the partnership with ChainLink will boost decentralization and increase the transparency of the platform.
Our partnership with Chainlink is a key driver to the gradual decentralization and increased transparency of the Celsius platform as a whole. Instead of completely overhauling our successful business model, we are able to use Chainlink to decentralize critical pieces of our systems like pricing, monitoring, and in-app functions, while retaining the same lucrative benefits afforded to Celsius users, such as weekly rewards and low-cost loans
Adoption of ChainLink Technology Continues
News of the Celsius Network integrating ChainLink technology comes only hours after the team at ChainLink announced that they had launched their new ZRX/ETH price feed for use in the budding DeFi ecosystem.
Additionally, the Blockchain analytics and AML company of Coinfirm is now using ChainLink to make its data available across blockchains. Coinfirm provides anti-money laundering and risk analytics data for blockchain to major companies in the industry. The team at Coinfirm explained that the growing DeFi industry needs to address compliance and ChainLink oracles can provide a means for users to get answers on demand.
