Chainlink price feeds are now live on the Terra testnet (LUNA)

Chain link Price Feeds, Oracle’s most widely used decentralized pricing solution across DeFi, is now live on the Terra test network, the team said in a statement. Release On Monday.

1 / Glad to announce that @chain link officially launched its premium market data integration on the Terra testnet! #LUNAtics, please welcome DeFi’s most trusted decentralized pricing Oracle solution to the Terra ecosystem 🙂 https://t.co/0JhgKxJeId

– Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) 25 October 2021

“Chainlink Price Feeds has become the industry standard solution for decentralized price oracles, providing DeFi projects with easy-to-integrate price oracles, backed by high-quality data and a robust backend infrastructure that has proven to be resilient. volatile market conditions and extreme network congestion, ”said Do Kwon, co-founder of Terra.

As an Oracle recommended solution for the Terra ecosystem, smart contract developers can leverage Chainlink price feeds to access high-quality, tamper-proof price benchmarks across a wide range of assets.

Additionally, by running natively on Terra’s high-speed blockchain, Chainlink Price Feeds has no dependency on other blockchains and therefore will support low latency price updates. at reduced costs to meet the needs of scalable DeFi applications.

How the Terra-Chainlink integration helps

The integration of Terra-Chainlink was made possible by a Chainlink community grant awarded to blockchain development and consulting company Hack.bg. Hack.bg is already in the process of deploying the Chainlink oracles to the Terra mainnet for use in the near future. The initial set of Chainlink price feeds available on the Terra test network includes BTC, ETH, UST, LUNA, LINK, etc., with plans to continuously launch more feeds as the Terra ecosystem needs.

Chainlink Price Feeds provides developers with pre-built Oracle solutions and a flexible framework for custom solutions that meet the unique data and / or security needs of teams. They are also widely recognized for delivering high-quality data backed by a robust decentralized infrastructure, saving teams significant development time and resources by not having to build their own solutions or rely on unproven alternatives.

Such an infrastructure is beneficial for new teams wishing to establish a solid foundation for the security of their protocol and existing teams wishing to evolve the security of their infrastructure to take into account the higher TVL responsibilities.

4 / Chainlink price feeds come with pre-built Oracle solutions and customizable options based on unique requirements, such as security and scalability, providing robust data sources and secure node operators.

– Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) 25 October 2021

Terra is an application-specific blockchain built on the Cosmos SDK and Tendermint consensus. The Terra Protocol deploys a suite of fiat-anchored algorithmic coins that underpin a thriving DeFi ecosystem like Anchor, CHAI, and Mirror Protocol.

LUNA, Terra’s native staking and governance asset, absorbs the short-term volatility of Terra’s stable coins, with the demand for Terra’s stable coins (e.g. UST) being a function of the demand for the DeFi ecosystem of Terra – increasing value to LUNA through seigniorage.

UST currently exists on Terra, Solana, Ethereum, and Binance Smart Chain. Following the recent Columbus-5 upgrade, Terra is also now IBC compatible, releasing liquidity from UST and Terra assets to the Cosmos ecosystem.