Stellar, a blockchain platform specializing in payments, plans to leverage Oracle Network Chainlink’s solutions, including data standards and cross-chain interoperability protocols, to increase the traction of decentralized finance on blockchain networks.
summary
- Stellar integrates Chainlink to leverage data feeds, data streams, and cross-chain interoperability protocols.
- Developers and institutions will benefit from the same solutions that create over $100 billion in total value locked in DeFi.
- This integration will also power the tokenization of real-world assets on public blockchains.
According to a press release, Stellar will join the Chainlink Scale program and integrate Chainlink’s key solutions such as cross-chain interoperability protocols, data feeds, and data streams.
What does this mean for Stella?
This integration will enable developers and institutions to leverage trusted data and cross-chain interoperability when building decentralized applications on Stellar (XLM). With Chainlink (LINK), Stellar hopes to expand its ecosystem across the fast-growing real-world asset market and decentralized finance market.
The partnership move comes as the resurgence of tokenized treasuries, RWA payments, and overall DeFi highlight the industry’s growing traction amid regulatory changes.
“The decision to integrate CCIP, data feeds, and data streams gives Stellar access to the secure and reliable infrastructure its ecosystem needs to support institutional-grade tokenization and seamless cross-chain applications,” said Johann Eid, Chief Business Officer at Chainlink Labs. “This partnership will significantly accelerate Stellar’s ability to scale to meet the demand for a unified on-chain financial system.”
Specific benefits to XLM as a result of this integration include proven security through CCIP’s consensus layer. Powered by the Chainlink decentralized oracle network, this solution has helped secure over $100 billion in total amount locked across DeFi.
CCIP provides production-ready interoperability for developers.
Developers and institutions can also take advantage of things like token-agnostic transfers and programmable token transfers. Chainlink’s data standard unlocks DeFi on the XLM network.
“Once the integration is complete, Stellar will move one step closer to an integrated on-chain financial system where real-world assets and DeFi coexist seamlessly,” said Raja Chakravorty, chief business officer at Stellar Development Foundation.
Amid this news, and as the overall crypto market appears to be rebounding following this week’s selloff, XLM and LINK tokens posted small gains.
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