Zenlink, a Polkadot-based parachain decentralized exchange (DEX), is integrating Chainlink’s price oracles to power DeFi products built on top of its cross-parachain DEX.
According to an announcement made on Tuesday, November 3rd, “Chainlink price oracles will be used within financial applications built on top of Zenlink, such as lending applications, automated trading strategies, and various other DeFi product.” Zenlink native token ZLK will also leverage Chainlink oracle to improve its protocol efficiency.
Zenlink is a Polkadot-based cross-chain DEX, allowing users to securely swap any asset among parachains seamlessly and securely. It is a decentralized exchange network composed of Zenlink DEX Module, Zenlink DEX Aggregator, and other DEX applications on parachains.
Zenlink aims to build a new generation of cross-chain DEX network through its DEX module and aggregator. While the ZLK token provides a fair and. transparent governance mechanism and injects liquidity into the Zenlink DEX Network
Giving the reason to choose Chainlink for its products, The exchange said that the decision to integrate with Chainlink comes amidst its ability to provide high-quality price feeds with several other guarantees. Since both the data and oracle are decentralized, chances of failure during data sourcing to smart contracts, are negligible.
Zenlink further said that the Chainlink oracle network is battle-tested and easy to integrate that will allow them to quickly scale to support a wide variety of assets, as they don’t need to build any oracle infrastructure from scratch.
Zenlink said:
By integrating Chainlink, we are able to further decentralize and expand Zenlink’s financial services through access to highly accurate and transparent decentralized price oracles. This ultimately increases the reliability of our financial products, as they can respond to real-world changes in asset prices with high availability and without fear of various data manipulation attacks.
Developers on Zenlink can now leverage Chainlink’s reliable price feeds to improve the reliability of DeFi applications built on Zenlink. Guo Tao, the co-founder of Zenlink, commented:
Zenlink will play a critical role in allowing users and developers to swap assets across parachains securely. Chainlink’s high-quality data and reliable oracle infrastructure will enable users to trust the data feed used to trigger DeFi products built on Zenlink. This enhances our ability to scale and secure even more value across a wider variety of asset.
Chainlink’s oracle service has become a go-to solution for many DeFi protocols. This is apparent by the fact that currently, it is securing over $4B+ in USD value for leading DeFi protocols. DeFi and other crypto-related platforms are integrating with the Chainlink oracle network on daily basis.
On Tuesday, Cosmos-based Dipper Network also announced the integration of Chainlink decentralized Oracle to its platform for its decentralized exchange DIPSwap, synthetic asset protocol DIPSYN, and various other financial products being built on the Dipper Network.
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