What happened: chain link LINK/USD, an Ethereum-based application that brings off-chain data to blockchains, is now live on Metis Andromeda. Off-chain data refers to real-world data that is not tracked natively on a blockchain (i.e. on-chain), including price feeds, supply chain tracking, and weather data. Chainlink’s price feeds allow developers on Metis to build feature-rich, secure, and decentralized applications without adding the centralization risks of traditional data APIs.
Metis is a Layer 2 scaling solution for ether which allows users to interact with DeFi protocols for low transaction costs and fast transaction finality. Chainlink’s price feeds ensure that the smart contracts of these protocols receive up-to-date and accurate information at all times, allowing for a safer and more streamlined user experience.
Why it matters: Price feeds provided by Chainlink are validated by multiple node operators, eliminating the risk of downtime from a centralized party or malicious actors. Notably, Chainlink is already providing pricing data for decentralized applications that manage over $10 billion worth of digital assets.
Co-founder of Metis Yuan Su explains: “In our eyes, blockchain is not a niche playground for enthusiasts, but an essential part of everyday life. To achieve this mission, we need everyday on-chain data integrity of on-chain data through decentralization. With businesses relying on data to run their operations, data integrity is the most important element of all.”
Based on Chainlink’s architecture, it excels at providing accurate and timely price data in an on-chain and decentralized manner. However, other protocols such as UMA use optimistic oracles to collect other types of data such as supply chain data and election results. That being said, Su is confident that Chainlink will see this data given the…