Chainlink Data Feeds Go Live on Starknet, Boosting DeFi Development
- Ethereum scaling network Starknet has launched Chainlink Data Feeds on its mainnet to enable developers to build scalable and secure DeFi applications.
- Starknet has been working with Chainlink for over a year as a member of the SCALE ecosystem where its tokens covered some of the operating costs for Chainlink’s oracle nodes.
Starknet, a secure scaling technology catering to the Ethereum community, has integrated Chainlink Data Feeds on its mainnet, ushering in a new era for its DeFi community.
Starknet announced the integration on Thursday, calling on its community to leverage Chainlink’s “highly secure, reliable, and accurate data” while building their dApps.
#Chainlink Price Feeds are now live on @Starknet mainnet, a layer-2 validity rollup on @ethereum developed by @StarkWareLtd.
How the industry-standard data solution unlocks next-gen DeFi apps on Starknet
https://t.co/E08P1xjclO pic.twitter.com/JOz93zvYGD
— Chainlink (@chainlink) July 11, 2024
Chainlink Data Feeds are reliable and decentralized sources of off-chain data, such as prices of assets in the real world, that power unique smart contracts use cases, such as in DeFi. These feeds are powered by independent and reputable Sybil-resistant node operators and aggregate their data from multiple premium APIs. While they are built on Chainlink, the feeds are blockchain agnostic and power applications across dozens of blockchains, as we have previously reported.
Starknet, on the other hand, is a permissionless Validity-Rollup on the Ethereum network that enables decentralized applications to scale massively. It relies on ZK-STARK technology and is one of two solutions built by StarkWare; the other is StarkEx.
Starknet has been a big hit on the Ethereum ecosystem. As we reported in February, it hit $1.3 billion in total value locked, the fourth-largest among Ethereum Layer 2s.
Starknet and Chainlink to Power dApps
Blockchain applications rely on smart contracts. However, whether on Ethereum, its L2s like Starknet or other L1s, smart contracts are unable to natively access real-world data. For instance, if a smart contract is predicated on the price of ETH, it has no way of keeping up with changes in the trading market. This is the challenge that Chainlink solves, offering a bridge between the real world and the on-chain world.
Since the beginning of 2022, Chainlink’s Data Feeds have facilitated over $12 trillion, delivering over 12 billion data points onchain.
Johann Eid, Chainlink Labs’ Business Officer, commented that the company “is pleased to support the Starknet ecosystem with the native integration of Chainlink Data Feeds, enabling developers to build highly secure and scalable DeFi applications.”
He added:
With hyper-reliable, accurate, and decentralized market data natively accessible onchain, developers can create next-gen applications on Starknet.
On behalf of Starknet Foundation, CEO Diego Oliva said that integration is critical to his organization’s mission of providing developers with “highly secure, reliable, and accurate data will unlock a host of advanced DeFi use cases and drive the adoption of the Starknet ecosystem.”
It’s not the first collaboration between Starknet and Chainlink. Early last year, its developer StarkWare announced that it had joined the Chainlink SCALE program. Under this partnership, Starknet tokens would be used to cater to some operating costs for Chainlink’s oracle nodes.
LINK trades at $12.59, dipping by 2% in the past day.
