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

CryptoSlate

Chainlink Price Feeds, the most widely relied on decentralized price oracle solution across DeFi, is now live on the Terra testnet, the team stated in a release Monday.

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

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As the recommended oracle solution for the Terra ecosystem, smart contract developers can leverage Chainlink Price Feeds for access to high-quality, tamper-proof price reference data across a wide range of assets.

Additionally, by running natively on Terra’s high-throughput blockchain, Chainlink Price Feeds have no dependencies on other blockchains and thus will support low-latency price updates at reduced costs to meet the needs of scalable DeFi apps.

How the Terra-Chainlink integration helps

The Terra-Chainlink integration was made possible through a Chainlink Community Grant awarded to blockchain development and consulting firm Hack.bg. Hack.bg is already in the process of deploying Chainlink oracles on the Terra mainnet for use in the near future. The initial set of Chainlink Price Feeds available on the Terra testnet include BTC, ETH, UST, LUNA, LINK, and more, with plans to continually launch more feeds as required by the Terra ecosystem.

Chainlink Price Feeds provide developers with both pre-built oracle solutions and a flexible framework for customized solutions that cater to teams’ unique data and/or security requirements. They are additionally widely recognized for offering high-quality data backed by robust decentralized infrastructure, saving teams considerable development time and resources by not having to build their own solutions or rely on unproven alternatives. 

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Such infrastructure is beneficial for new teams wanting to establish a strong foundation for their protocol’s security and existing teams wanting to scale the security of their infrastructure to account for higher TVL responsibilities.

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

LUNA, the native staking and governance asset of Terra, absorbs the short-term volatility of Terra’s stablecoins, with Terra’s stablecoin (e.g., UST) demand a function of demand for Terra’s DeFi ecosystem — accruing value to LUNA via seigniorage.

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

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Author: Shaurya Malwa


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