Totle started a partnership with Chainlink to provide data API to dApps. The developers can now access the Totle’s aggregated data API and query Chainlink nodes for the execution of smart contracts.
“@TotleCrypto is integrating w/Chainlink to make its Aggregated DEX Data available to smart contracts. Dapps can query Chainlink nodes to gain deep insights into the #DEX space & use it in the execution of #DeFi applications such as DEX-based derivatives.”
Developing Smart Contracts With Data From Decentralized Exchanges
Totle services are focused on DeFi applications. It aggregates the data from decentralized exchanges, a.k.a DEX to provide market prices. DeFi applications rely on price feeds for liquidity and other purposes. In simple words, “When a user places a trade order, Totle calculates the best possible combination of DEX transactions that maximize the user’s return.”
The partnership between Chainlink and Totle aims to provide Totle’s API to DeFi applications in various blockchains. This can be done by implementing Chainlink’s External Adapters.
Decentralized exchanges are innovative solutions for those looking for real decentralization in the cryptocurrency ecosystem. DEX is attracting more users nowadays, and those who are looking for complete anonymity in trading, rely on some of them, too. So the transactional activity in this space is growing and needs accurate data feeds, mainly for smart contracts.
There are still many opportunities for developers to take benefit from the features of DEX. For example, they can make new smart contracts based on futures and options trading in DEX. After all, they need reliable data, and solutions like Totle and Chainlink can make this data aggregation and contract execution easier.
Chainlink, the leading oracle solution provider in the blockchain community, has gained much attraction recently. David Bleznak, the founder of Totle, believes that Chainlink’s solution can provide accurate data to developers:
“A critical component of Chainlink’s process is being able to leverage high-quality data providers that have robust market coverage and accurate price calculations. We’re thrilled to integrate with Chainlink to make our high-quality DEX data readily available to market participants, further expanding the number of use cases possible in DeFi.”
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