Radix integrates Chainlink Oracles
Radix is integrating with Chainlink’s oracles to provide Radix developers with accurate market data to build new DeFi apps. Radix is a layer-one blockchain protocol built for DeFi. One of the challenges in the existing DeFi ecosystem is that most applications are built on protocols that were not designed to scale. This has put considerable strain on the Ethereum mainchain and led to slow transaction times and rising gas fees.
The Radix team says it has built a scalable, secure, high-throughput protocol for building applications. Building on the lessons learned from existing public ledgers, Radix’s protocol is a permissionless framework on which DeFi services can be developed and run in a secure, scalable way.
Chainlink is the most widely used and secure way to power smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data.
The new integration with Chainlink will make DeFi oracles easily accessible to Radix developers giving them access to a range of secure, accurate off-ledger data. This data will help Radix developers as they reimagine new forms of traditional financial applications in the form of new DeFi apps such as financial derivatives and lending products.
Piers Ridyard, the CEO of Radix, says it is important that Radix developers are able to have access to high-quality market data so that Radix can achieve its vision of providing the robust infrastructure needed for the next generation of DeFi products. “Chainlink’s price oracles enable Radix developers to offload complex and time-consuming oracle infrastructure to industry experts, allowing our ecosystem to focus solely on designing smart contract applications that re-architect the global finance system,” added Ridyard.
One of the most pressing challenges for DeFi application developers is access to accurate market data. Not all market data is available within the network itself, meaning that Radix dapps need to access off-ledger sources to obtain the necessary data. Chainlink oracles solve this problem by linking to off-chain APIs that make off-chain data available within Radix. The first oracle deployments will integrate Chainlink’s price feeds, which already service many top DeFi protocols including Synthetix, Aave, and Bancor.
The first phase of the Chainlink integration has two components.
- Additions to the Chainlink Node software to allow it to connect directly to the Radix network.
- Creation of the native Radix smart contracts that are required to make Chainlink data available on Radix.
Here is a simple view of the Chainlink / Radix integration:
Ridyard says that Radix has solved two of the biggest challenges in DeFi – scalability, and security. To achieve this Radix has developed Cerberus, a scalable consensus protocol. Cerberus is capable of processing massive numbers of transactions in parallel due to its highly sharded data structure and unique application layer. This results in an order of magnitude improvement in the number of transactions that can be processed each second.