Top 10 New Projects Powered by Chainlink Oracle Network
It is no secret that decentralized oracle networks like Chainlink have contributed significantly to the mainstream adoption of blockchain technology at all developmental levels, providing a solution that has given rise to a wide range of applications for the larger crypto ecosystem.
Specifically, Chainlink allows smart contracts to expand their capabilities by enabling them to securely connect and gain access to real-world data and off-chain computations while maintaining the security and reliability inherent to the underlying blockchain technology.
While Chainlink is just one of several types of decentralized oracle networks, it offers some of the best industry-wide advantages, two of which include its distributed sources and distributed oracles, respectively. In other words, while most oracle networks are centralized, Chainlink, on the other hand, is a network of decentralized oracles.
Moreover, Chainlink offers, among other unique solutions, high-quality data with premium APIs, thanks to its credential management capabilities, which aid the collection and delivery of high-quality data to smart contracts from premium, password-protected data sources.
Interestingly, the aforementioned attributes have positioned Chainlink as a reliable oracle network alternative and a top choice for smart contract developers and projects alike. Given the numerous benefits that the open-source network provides, we decided to compile a list of the top 10 new projects powered by the Chainlink oracle network in an attempt to spotlight various projects and use cases that the decentralized oracle network can power. Here we go!
10. Visor Finance (Liquidity Management)
Visor Finance, designed for Market Makers, offers a set of tools for active liquidity management that can be implemented across concentrated liquidity AMMs like Uniswap.
In essence, the Etehreum-based DeFi protocol is connected with multiple liquidity pools on Uniswap, allowing Visor users to provide their assets as liquidity, which is then deployed on Uniswap via its v3 pair feature managed by a supervisory trading mechanism. This supervisory mechanism, however, is categorized into two: deterministic and non-deterministic active position management, both of which run manually.
In an attempt to make its deterministic “Supervisor” (which contributes to Visor’s liquidity management strategies on Uniswap v3) function more efficiently, Visor decided to integrate Chainlink Keepers. In this case, Chainlink keepers, a decentralized automation tool, enables developers to automate the process and circumstances that would trigger smart contract functions. This further implies that with Chainlink keepers in place, deterministic ‘Supervisor’ can run independently and even faster. You can learn more about the need for Chainlink integration via this link.
9. DeHealth – DHLT Network (Decentralized Storage)
DeHealth aims to improve healthcare administration by developing a Web3 platform for medical data, as well as to provide equal access to healthcare for all individuals, regardless of country or income level.
As a result, a DeHealth App, a decentralized AI & Medical Data-Based Mobile App was created. It is a decentralized application (dApp) that allows users to securely and autonomously keep their medical data in a single storage location, and share, manage, and even monetize it with the DHLT token, thereby, insuring their health while monetizing their anonymized data.
Given the project’s high reliance on real-time data and the need to be transparent in its reward distributions, it was only reasonable for DeHealth to integrate on Chainlink, which remains an industry standard for the decentralized oracle network.
By integrating on Chainlink, DeHealth gained access to Chainlink Keepers and Chainlink Price Feeds on the BNB Chain mainnet. The former is specifically used to secure and cost-efficiently automate DeHealth reward distribution after successfully facilitating the sales of anonymized medical data. On the other hand, Chainlink Price Feed provides accurate and real-time price data to ensure participants are paid what they deserve.
8. Lanceria (Decentralized Freelancing)
AI-enabled low-commission freelancing marketplace Lanceria is on the mission to resolve the problems that abound across most centralized freelancing ecosystems. Specifically, the web 3 platform, which focuses on freelancers and digital artists, eliminates all fees from contractors and keeps commissions minimal on the employers’ sides, ultimately optimizing freelancers’ profitability.
Among its other unique characteristics, Lanceria provides an infrastructure that enables freelancers to handle projects as a team through alliances. So how exactly does it benefit from Chainlink integration?
Transaction-wise, Lancerians (i.e. Lanceria users) can benefit from unrivaled security during transactions among stakeholders, i.e., from employers to freelancers, as well as the secure transfer of payments once the project is completed. Notably, the Chainlink node assists the decentralized freelance marketplace in moving data from the main Lanceria platform to the blockchain in order to validate transactions on the blockchain.
7. Rora Realm (Decentralized Intellectual Property)
Intellectual property theft has existed for so long, and it is not an uncommon practice in the crypto/blockchain ecosystem. Rora Realm is taking advantage of blockchain capabilities to create a commodified version of intellectual property to address this age-old issue, making the NFT-inspired platform the first “create to earn/shill to earn” token-based ecosystem of its kind.
Recently, the platform announced complete integration on the Chainlink decentralized oracle network. Rora Realm, in particular, integrated Chainlink verifiable Random Function (VRF) and Keepers, which will now power its Roraverse Raffle, a built-in marketplace where all raffle draws and transactions on the platform take place.
Also, by integrating the industry-leading decentralized oracle network, the D-IP protocol now has access to a tamper-proof and auditable source of randomness required in selecting winners in the Roraverse raffle.
6. QiDAO (DeFi Borrowing)
This stablecoin protocol utilizes collateralized debt positions to render interest-free borrowing services to its users. Initially, in December 2021, the DeFi protocol announced integrating data feeds from Chainlink that allow QiDAO to access Chainlink price feeds. Specifically, QiDAO enables users to borrow by putting up their crypto holdings as collateral and subsequently have access to liquidity through their preferred tokens, thereby becoming their own banks.
However, given the volatility of the crypto market in general, QiDAO relies largely on accurate pricing data to establish the real-time value of a user’s collateral while ensuring the protocol’s safety by liquidating over-leveraged positions.
To the above, the DeFi borrowing protocol resulted in integrating Chainlink price feeds as its exclusive oracle solution to provide accurate and high-quality price data to its platforms and, by extension, its various vaults, including Avalanch, Harmony, Fantom, Moonriver, and Polygon, among others.
QiDAO also recently integrated the Chainlink price feed on Ethereum mainnet into Mai Finance, another addition to its existing vaults. This time, the latest integration will help secure Mai Finance collateral calculations.
5. Maxity (Web 3 Social Impact Protocol)
Acclaimed as the world’s first web 3 social impact protocol, Maxity uses blockchain technology to address existing transparency and fundraising challenges within charities and non-governmental organizations (NGOs).
The web 3 social impact protocol recently included Chainlink price data on Polygon mainnet to increase transparency on the network. By taking advantage of the pricing data from the leading decentralized oracle network, Maxity gains access to high-quality, tamper-proof price feeds needed to help display accurate NFT prices on the Maxity NFT marketplace.
4. AnChain.AI (Blockchain Intelligence)
Founded in 2018, AnChain.AI is an AI-powered cybersecurity company whose primary objective is to expand blockchain security, risk, and compliance strategy. Following its integration on Chainlink in July 2022, AnChain.AI has since delivered high-quality AML intelligence to various blockchain networks.
Given the integration, developers within blockchain ecosystems can now access AnChain.AI’s high-quality AML data to support a wide range of smart contract use cases that utilize premium compliance data, including risk and sanction data for cryptocurrency wallets, exchanges, smart contracts, and applications across CeFi and DeFi.
3. dClimate (Social Impact)
dClimate, widely regarded as the first decentralized network for climate data, is a chain-agnostic, decentralized climate information ecosystem that enables businesses and builders to easily find, access, and utilize essential information about our environment.
The data that is crowdsourced from this decentralized protocol enables corporate entities and individuals to better understand how weather and climate impact their immediate communities and to develop data-driven technology solutions that will help communities in achieving climate resilience.
In its case, dClimate marketplace integrated Chainlink’s widely adopted oracle network in an attempt to ease the process of retrieving climate data and validating associated skill scores on-chain. Essentially, dClimate users are grouped into two major categories. The first category of users is tasked with uploading genuine climate data in exchange for $DAI while the second category of users explores the dClimate open marketplace, retrieves their preferred choice of datasets, and pays with $DAI.
In all of this, Chainlink’s decentralized oracle network serves as a trusted and easy-to-integrate mechanism for validating and distributing data from publishers within the data marketplace.
2. Liquity (Yield Farming)
Decentralized borrowing protocol Liquity is one of the earliest to incorporate Chainlink pricing automation. The integration primarily allows Liquity to access the most recent ETH/USD price data and ultimately ensures the flawless implementation of the borrowing protocol’s core functions such as opening Troves, triggering liquidation, and even basic functions such as redeeming LUSD, the protocol’s native asset.
1. Pancake Swap (Decentralized Lending)
Arguably one of the biggest names on the list, Pancake Swap is one of the DeFi projects to have recently integrated into the Chainlink Ecosystem. In its first attempt in February 2022, the decentralized exchange native to Binance (BNB) chain announced that it had integrated price charts from Chainlink Oracle on its prediction platform.
Similarly, the BNBchain-based exchange further made some tweaks to its platform by enabling automation in the CAKE Prediction Market leveraging Chainlink Keepers.
Why You Should Care
Decentralized oracle networks enable smart contracts to connect with on-chain and off-chain data without altering their underlying infrastructure. This decentralized approach to Oracle networking provides quick and cost-effective solutions for layer-2 smart contracts developers and projects alike in what can be described as a fast-paced decentralized economy.
Find out more on why most decentralized projects require a decentralized oracle:
Can’t Live Without Oracles
Read more on ByBit integration on Chainlink:
Bybit Integrates 35+ Chainlink Price Feeds for Enhanced Spot Trading Price Accuracy
Read more: https://dailycoin.com/top-10-new-projects-powered-by-chainlink-oracle-network/
Text source: DailyCoin.com
