Zenlink, a Polkadot-powered decentralized exchange (DEX) network, will integrate Chainlink oracles to access reliable valuations for assets secured by Polkadot. Specifically, Chainlink price oracles will be used within financial applications built on top of Zenlink.
The oracles are to be leveraged in providing market information in its DeFi products and lending applications. Data from Chainlink’s oracle services are also going to be used in automated trading strategies.
Besides, Chainlink oracles play a significant role in the functionality of Zenlink’s native protocol and ZLK token.
Zenlink team expressed that:
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.
Utilizing Chainlink oracle services ultimately increases the reliability of Zenlink’s financial products. They can respond to real-world changes in asset prices with high availability and without the fear of various data manipulation attacks.
Furthermore, oracle services play a crucial role in smart contract programming and execution. This makes it a go-to solution in the DeFi ecosystem. Meanwhile, the live market data helps in seamless execution and secure transactions in the platform.
Moreso, Chainlink oracles are decentralized at both the oracle and data levels. There will be no single point of failure in the sourcing and delivery of data to Zenlink smart contracts.
Zenlink further relayed that the Chainlink oracle network is battle-tested:
It is easy to integrate that will allow them to quickly scale to support a wide variety of assets