Dolomite, a popular DeFi protocol for borrowing and lending, has announced its upgrade to the Chainlink standard to access confirmable market data.
Dolomite Shifts to Chainlink Standard
Dolomite has announced the adoption of the Chainlink standard, permitting it to receive tamper-proof and up-to-date price feeds. This upgrade significantly reduces downtime and improves market efficiency while offering users a high-quality experience. Additionally, Dolomite has integrated several GMX assets to support the DeFi ecosystem of GMX, including advanced GLV liquidity vaults aimed at solving GMX v2.2's liquidity allocation issues.
Features and Benefits of Chainlink
Chainlink Price Feeds ensure high-quality data, decentralized networks, protected node operators, and transparency. Chainlink aggregates data from leading aggregators and provides resistance to flash crash outliers, data manipulation, and API downtime. Secure and autonomous oracle nodes are managed by prominent blockchain DevOps groups and data providers.
Integration and Impact on DeFi Environment
Chainlink Price Feeds operate in a decentralized manner for oracle nodes, data sourcing, and oracle networks. Transparency is guaranteed via reputation frameworks and monitoring tools, allowing users to verify the historical performance of oracle networks and node operators. Chainlink's adoption aims to provide Dolomite users with a cutting-edge DeFi experience.
The upgrade to the Chainlink standard equips Dolomite with improved data and efficient operations, bolstering its position in the DeFi market.
