Two leading Tezos (XTZ) teams, SmartPy and Cryptonomic, are making Chainlink (Link) oracles natively bachelor on the Tezos network.

The two teams received a grant from the Tezos Foundation to integrate Chainlink oracles into Tezos smart contracts. Cryptonomic co-founder Vishakh told Cointelegraph that their work has filled a key missing link within the Tezos ecosystem:

"About of our core team has worked in finance for multiple years, peculiarly derivatives finance. We've worked on mission-critical systems that handle very high notional financial trades. And so that's why we're really attracted to Tezos because of on-chain governance and formal verification. But i missing piece of the puzzle, in that location have to be external inputs in gild to build successful Tezos DeFi applications."

An oracle is a prerequisite for decentralized finance

Speaking to Cointelegraph, Chainlink CEO Sergey Nazarov echoed the same sentiment, noting the importance of resilient data feeds for the decentralized finance — or DeFi — space:

"I call up it's going to be used a lot for DeFi, maybe some decentralized insurance. But from what I can tell, there's a lot of involvement in having DeFi on Tezos. And having a good oracle machinery is basically now a prerequisite for having a well functioning DeFi application. And I think people are starting to realize that building oracle mechanisms is alike to building a blockchain."

Nazarov said that the integration betwixt the two crypto unicorns benefits other projects too:

"Information technology'southward a network result that compels data providers to put data on-concatenation because there'south more of a market share that they get access to with one integration. And while nosotros will be on multiple chains, every boosted concatenation that we're on creates a do good to all the other chains, considering now data providers have more of a market place to sell data to."

This news comes a twenty-four hour period later an early Chainlink investor predicted that the price of Link will shortly exceed $25 and Chainlink will overtake Ether (ETH) in market place capitalization.

Contempo vulnerabilities demonstrated by diverse DeFi projects seem to indicate that Chainlink volition not run out of companies in search of an oracle.