Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
In a recent announcement, Bybit has integrated Chainlink’s Price Reference Data into its Future trading platform. As of now, Chainlink’s price feed is already live for pairs, including BTC/USD, ETH/USD, XRP/USD, EOS/USD, LTC/USD, XTZ/USD, and LINK/USD.
Chainlink leverages its centralized oracle networks to private the largest collection of decentralized on-chain price reference data. It claims to be Sybil resistant and comprising fully independent nodes run by leading blockchain DevOps. Integrating with price reference data, Bybit enables its traders to explore and gain access to on-chain price data for a range of crypto and fiat currencies. Bybit users will also benefit from a significant increase in security, reliability, and transparency in price indexes on the Future trading platform.
Need for Chainlink Reference Data
Well, most of the price discovery happens off-chain (outside the blockchain) on centralized exchanges. Hence making it hard to obtain the most reliable price feed for an asset. On the other hand, on-chain is reliable, but it’s expensive to aggregate on-chain data from a range of networks. Here comes Chainlink’s Oracle network. Chainlink helps in getting this off-chain data less expensively on the blockchain network by facilitating Oracles. Thus allowing platforms and applications to access the reliable price of a certain asset quickly.
Besides Bybit, Chainlink’s price reference data is already being used by a range of DeFi applications. These platforms include Synthetix, Ampleforth, AAVE, Kyber Network, ENS, Dydx, and many more.
With this partnership, Ben Zhou, CEO of Bybit, said, “We’re excited to integrate Chainlink in order to make widely-used price reference data from the DeFi market available to our traders. By integrating Chainlink, we are able to provide an accurate source of price data that is highly decentralized and transparent, expanding the amount of resources our traders have access to.”
In the announcement blog post, Bybit also mentions a few metrics across which Chainlink price feed is superior. These key metrics include accurate prices, reliable service, transparent operation, and proven value. The exchange claims the price reference data to be an ideal source of market data.