Hedera has announced its integration with Chainlink's decentralized oracle solutions to boost decentralized finance and real asset tokenization. This collaboration aims to incorporate Chainlink's Data Feeds and Proof of Reserve into the Hedera ecosystem, providing developers with a secure and transparent data infrastructure.
Collaboration between Chainlink and Hedera
According to the recent announcement, Hedera adopted Chainlink Data Feeds to enhance the security and transparency of DeFi applications and platforms based on real asset tokenization. This integration grants developers on the Hedera network access to accurate and tamper-resistant market data necessary for creating decentralized financial products.
Enhancing Transparency with Proof of Reserve
Chainlink's Proof of Reserve functionality has been integrated into the Hedera network to support the collateralization of tokenized assets. This tool ensures real-time verification of reserves on the network, guaranteeing that real-world assets are fully backed by corresponding reserves.
Participation in the SCALE Program
To promote innovation, the HBAR Foundation has joined the Chainlink SCALE program, which subsidizes oracle services for developers on the Hedera network, reducing costs associated with accessing the decentralized infrastructure of the oracle network.
The integration of Chainlink's solutions into the Hedera ecosystem strengthens it as a developer-friendly platform and fosters the development of DeFi protocols and real asset tokenization applications, while ensuring high levels of transparency and security.
