In this post:
- The Chainlink Scale initiative now includes the HBAR Foundation.
- The partnership will manage the Hedera testnet’s integration of Chainlink CCIP and Chainlink Data Feeds.
- Chainlink’s node operators and other resources, such as premium data aggregators, will be made available to Hedera developers.
Through Chainlink’s scale initiative, the HBAR Foundation has become a part of the Chainlink ecosystem. Chainlink Data Feeds and Chainlink CCIP will be integrated on the Hedera testnet as part of the partnership to provide developers with the variety of services they need to create feature-rich dApps.
The organization that drives advancements and manages governance in the Hedera ecosystem, the HBAR Foundation, has partnered with Chainlink once more.
Chainlink Oracle services will be available to Hedera developers
As a result of the partnership, Chainlink CCIP and Chainlink Data Feeds have been integrated into the Hedera ecosystem, fostering an environment that allows developers to create feature-rich dApps. Chainlink Data Feeds are currently operational on the Hedera Testnet, and the collaboration has already begun.
Hedera developers will have access to Chainlink’s Oracle services as a result of the collaboration. Developers will have access to premium data aggregators through Chainlink Data Feeds. Hundreds of exchanges will provide the data, which will then be weighted by volume and filtered for wash trading and outliers.
Additionally, as part of the partnership, Hedera developers will have access to Chainlink node operators. Chainlink Data Feeds are managed at the oracle network, oracle node, and decentralized data source levels. An additional layer is provided by Chainlink’s data feeds’ decentralized structure.
According to the HBAR Foundation, the partnership will use Chainlink’s CCIP to advance interoperability. Developers will be able to transfer tokens, relay messages, or a combination of both simultaneously in a single cross-chain transaction thanks to Chainlink’s CCIP, which will generate programmable token transfers for HBAR.
What HBAR refers to as a plug-and-play token transfer solution will be introduced by the CCIP. Audited token pool contracts that can handle the intricacy of burning, locking, unlocking, and minting tokens across many chains will be the solution. Additionally, CCIP on Hedera will roll out gradually, adding more lanes, tokens, and features over time.
Elaine Song, VP of Strategy at The HBAR Foundation, stated that:
“Chainlink Data Feeds support the creation of high-quality retail and institutional DeFi apps, and CCIP’s secure cross-chain interoperability ensures they’ll be accessible to more people without sacrificing UX.”
Johann Eid, Chief Business Officer at Chainlink Labs, also offered his thoughts on the new partnership, saying that it will provide Hedera developers more access to Chainlink’s resources. In order to encourage widespread on-chain adoption, he continued, Hedera developers will now create safe, scalable, and feature-rich decentralized apps.
Since the Hedera Foundation announced in 2021 that Chainlink Labs had joined the Hedera Governing Council, Chainlink and HBAR have been working together. To promote symbiotic growth, the two ecosystems have since upgraded their networks on a number of occasions.
According to CoinMarketCap, Chainlink’s native asset LINK has increased by 5% during the past day. As of this writing, LINK is selling for $11.99 with a 24-hour trading volume of $265 million. The cost of Hedera has mostly not altered in the last 24 hours but is down 5% in the past seven days.
