Launching the DeFi Stack on Matic Network with Chainlink

3 min read

Decentralized applications often need access to real-world data such as prices, contract information, third-party data, web APIs, and various other data feeds in order to trigger key contract logic. Oracles represent critical pieces of infrastructure that provide smart contracts with ability to retrieve real-world data existing off-chain and use it as input to trigger irreversible on-chain settlements. Leading DeFi lending protocol Aave is one such instance, where there is a need for highly accurate, available, and tamper-proof price feeds in order to continually issue fair market loans and maintain full collateralization.

We’re excited to announce that Chainlink’s market-leading decentralized oracle network is actively being made available to developers building on the Matic mainnet, opening up a whole new range of data-driven applications from DeFi to blockchain gaming. Matic aims to be the first platform outside of Ethereum to integrate Chainlink on mainnet, giving our users an advanced toolset to build scalable, externally connected blockchain applications.

Matic + Chainlink = Supercharged DeFi

Matic’s high-performance, low fee infrastructure provides a perfect platform for DeFi applications to be able to facilitate large-scale adoption. Since the recent launch of our mainnet, we have been gaining huge traction from DeFi innovators looking to build scalable DeFi products on Matic.

In the past month alone, we have announced that Matic Network will be powering a range of DeFi products, including Wazirx’s Automated Market Maker (AMM) DEX, Maha DAO, PlotX’s DeFi prediction markets, EasyFi’s under-collateralized lending, and OroPocket’s synthetic assets.

Such DeFi applications rely on secure and reliable data from external sources, relating to factors such as cryptocurrency market prices and third-party data. That’s where Chainlink comes in; it provides decentralized oracles that can access any off-chain API and secure the retrieval and delivery of this data to Matic Network.

Since the launch of their mainnet, Chainlink has been the backbone of the DeFi industry, with their widely used Price Reference Data collectively securing over $3B in USD value for many leading applications like Aave, Synthetix, and Bancor. By making Chainlink available on the Matic mainnet, our developers now have access to:

  • Any API – Through Chainlink’s external adapters, developers can make any off-chain data or service API available to their on-chain contract.
  • Secure Node Operators – By leveraging Chainlink’s large collection of Sybil resistant node operators, developers can get secure and reliable oracle services on-demand.
  • Decentralized Architecture – Because of Chianlink’s decentralized oracle framework, developers can aggregate data from multiple data sources and node operators to avoid any single point of failure in the sourcing and delivery of data.
  • Proven Solutions – With multiple time-tested and audited oracle solutions already available, developers can quickly integrate existing oracle solutions for reliable price data, provable randomness, and more.

It’s for these reasons and more that we recommend Chainlink as the go-to oracle solution on Matic Network, providing users with strong guarantees on data quality, secure oracle services, and readily available solutions that can be easily integrated today. We’re confident that through this integration, developers on Matic can now create high-performance, highly secure, and universally connected DeFi applications, thereby broadening the scope of DeFi innovation on Matic Network.

“DApp developers on Matic want easy and dev-friendly access to oracles, which can enable applications to quickly integrate various real-world data points in a truly decentralized manner. Matic is committed to providing a rich and seamless developer interface for blockchain programmers, and this collaboration is one step further in that direction. We are extremely proud to be working with Chainlink to integrate their technology on our network and help enable provably secure access to external data.”

Anurag Arjun, Matic Network Co-Founder & CPO

We’re excited to empower Matic’s innovative and fast-growing Layer-2 solution by providing them with secure and reliable oracles to power high-throughput, universally connected blockchain applications. By allowing smart contracts to extend their connectivity to off-chain data resources, Matic developers can now build next-generation dApps that respond to and influence the real world.”

Daniel Kochis, Head of Chainlink Business Development

The DeFi Stack Alongside Chainlink

We’ve joined forces with the Chainlink team to put together a series of workshops and panel discussions to highlight how developers can make use of Chainlink oracle data on Matic.

Technical workshop: ‘Using Chainlink on Matic Network for DeFi’

Matic Network’s Co-Founder & CPO, Anurag Arjun, will be joined by Johann Eid, Product Manager for Chainlink, to deliver a workshop demonstrating how DeFi developers on Matic Network can utilize Chainlink’s Oracle data within their applications.

Date: Wednesday, 23rd September

Panel Discussion: ‘How will Layer 2 Platforms Unlock the Next Stage of Growth in DeFi?’

We’ll be sharing insights on the future of the decentralized financial revolution and how the scale and speed enabled by Layer 2 solutions will facilitate the mass adoption of DeFi.

Date: Wednesday, 30th September

Whether you’re a developer looking to utilize Chainlink’s oracle service to build high-performance DApps on Matic or you’re simply interested in learning more about oracles and DeFi, we invite you to join us for the events!

Register here:

About Chainlink

If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.

Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Bancor; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.

Website | Twitter | Reddit | YouTube | Telegram | Events | GitHub | Price Feeds | DeFi

About Matic Network

Matic is a developer-first hybrid POS+Plasma sidechain on top of Ethereum, enabling Ethereum developers to scale their DApps for large scale usage.

Matic is rapidly becoming the go-to Layer 2 Solution for developers, thanks to secure, scalable and instant transactions, secured by Ethereum. There are 70+ Dapps building on Matic, ranging from DeFi Protocols to thrilling games and prediction markets.

Deploy your existing Ethereum DApp in less than 15 minutes! Get started with our documentation here.

Website | Twitter | Reddit | YouTube | Telegram | Events

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