Despite the innovations brought about by blockchain technology, a blockchain by itself does not automatically come with market data. To fix this, the trading and asset management firm Galaxy Digital has collaborated with blockchain oracle provider Chainlink.
In an announcement sent to Cointelegraph, Galaxy highlighted that the firm will provide its crypto pricing data to blockchains through Chainlink. The firm believes that with this data, smart contract developers will have the ability to build more advancedZane Glauber, the head of strategic opportunities at Galaxy, told Cointelegraph that they believe that the integration will have a positive effect on the blockchain ecosystem.
“Blockchains don’t come preloaded with external data, so we’re providing reference prices for spot digital assets that will be able to power a variety of complicated financial structures that only have traditionally been the domain of our existing financial system.”primitives and DApps because these products need reference prices that can be embedded within smart contracts.
Yaser Jazouane, an executive at Chainlink, also commented on Galaxy’s move. Jazouane said that high-quality pricing data is a key that unlocks various use cases all across DeFi. “High-quality market data underpins the DeFi economy,” he said.While DeFi still looks to have a lot of potential for development, the space is still hounded by hacks and exploits. Just recently, a vulnerability in the vanity wallet address generator Profanity was exploited by hackers.
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