This move is set to enhance the way decentralized finance (DeFi) applications operate on the Tron blockchain.
Tron DAO announced that JustLend and JustStable will now use data feeds from Chainlink for pricing information. These apps hold over $6.5 billion in total value.
What Are Oracles?
Oracles are tools that provide external data to smart contracts on the blockchain. They act like a bridge between real-world information and the blockchain. This helps applications get the accurate data they need to function properly. By switching to Chainlink, Tron aims to improve the accuracy and reliability of the data used in its DeFi ecosystem.
In their announcement, Tron DAO confirmed that they would stop using WinkLink. Their previous Oracle provider, and fully integrated Chainlink Data Feeds for pricing data. This change is expected to accelerate the growth and adoption of Tron’s DeFi ecosystem. With the help of Chainlink, developers can build even better apps.
We’re excited to join the @Chainlink Scale program and adopt #Chainlink Data Feeds as TRON’s official oracle solution.
TRON’s participation in the Chainlink Scale program will accelerate ecosystem growth and adoption by providing developers with sustainable access to… pic.twitter.com/aoRfSTbZxt
— TRON DAO (@trondao) October 31, 2024
As part of the integration, Tron will initially cover some operational costs. For example, gas fees, to help get everything up and running smoothly. Over time, they plan to shift these costs to user fees for DApps. This strategy will allow Tron to keep things affordable while expanding its services.
Voices from the Teams
Thodoris Karakostas, the head of blockchain partnerships at Chainlink Labs, expressed excitement about this partnership. He said it will empower Tron developers to create innovative DeFi apps. Sam Elfarra, a spokesperson for Tron DAO, also shared their enthusiasm, noting that joining the Chainlink Scale program will help speed up Tron’s DeFi economy.
Today’s announcement: @trondao has joined Chainlink Scale, adopting Chainlink Data Feeds as TRON’s official oracle. Once upgraded, $6.5B+ in DeFi TVL will be secured by @chainlink , creating opportunities for Chainlink and TRON’s $60B+ in stablecoins and RWA! pic.twitter.com/ArDkMysuMq
— H.E. Justin Sun
(hiring) (@justinsuntron) October 31, 2024
Tron’s founder, Justin Sun, added that this integration opens doors for Chainlink, Tron-based stablecoins, and real-world assets. This means that users will likely see more opportunities and improvements in their experience on the Tron network.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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