search
Homeweb3.0Sonic Labs Secures DeFi with Chainlink's High-Quality, Decentralized Data Feeds

Chainlink Data Feeds, which are widely used throughout the on-chain ecosystem, play an important role in protecting DeFi protocols.

Sonic Labs Secures DeFi with Chainlink's High-Quality, Decentralized Data Feeds

Sonic Labs, the team behind blockchain network Sonic (prev. Fantom), has announced its involvement in the Chainlink Scale program, which will see Chainlink Data Feeds and Chainlink CCIP (CCIP) integrated into Sonic.

This collaboration will empower developers in the Sonic ecosystem by providing them with enhanced tools for building feature-rich on-chain applications using Chainlink’s highly acclaimed services.

Moreover, Sonic Labs will gain better access to Chainlink’s affordable Oracle services, which Sonic will initially subsidize before fully charging users as the ecosystem matures.

Chainlink Data Feeds, widely used throughout the on-chain ecosystem, play a critical role in protecting DeFi protocols, which handle tens of billions of dollars in smart contract value, ensuring data security and availability even during extreme scenarios.

These Data Feeds are renowned for their high-quality data, sourced from multiple premium data providers across hundreds of exchanges. Accurate global market prices that are resilient to manipulation are achieved by weighting this data by volume and cleansing it to remove outliers and wash trading.

In addition to high-quality data, Chainlink Data Feeds provide secure node operations. Top blockchain DevOps teams, data providers, and well-established businesses operate these nodes, which are subjected to security evaluations and are Sybil-resistant, ensuring reliability even during high gas prices or infrastructural concerns.

Chainlink’s decentralized network architecture further strengthens its reliability by dispersing data sourcing, node operations, and the Oracle network itself. Users can independently assess node and network performance using Chainlink’s extensive reputation system and on-chain monitoring tools, which increases transparency and confidence.

Sonic Labs has also selected Chainlink CCIP as its cross-chain interoperability solution due to its remarkable security and dependability, earning it the highest level of cross-chain security in the blockchain industry. Michael Kong, CEO at Sonic Labs, stated:

“We joined Chainlink Scale because it’s one of the most popular ways to make industry-standard oracle services available to Sonic developers. Chainlink Data Feeds will enable the development of high-quality DeFi applications, while CCIP will provide secure and reliable blockchain interoperability for the Sonic ecosystem. Developers asked for Chainlink, and we have it.”

The Risk Management Network, a separate system that monitors cross-chain operations for suspicious activity, supports CCIP by adding an additional layer of security to prevent attacks and protect user funds. This precaution is especially relevant considering the billions of dollars lost in previous cross-chain exploits.

Chainlink CCIP offers several benefits to developers, including a defense-in-depth security approach backed by Chainlink’s decentralized oracle networks, which have secured tens of billions of dollars for smart contracts and enabled over $14 trillion in on-chain transaction value.

Furthermore, CCIP’s seamless integration streamlines the creation of cross-chain applications by providing a single interface that eliminates the need for bespoke programming. CCIP’s scalable architecture also enables developers to communicate with any blockchain using a single platform, ensuring future-proof functionality as new chains and features are added over time.

On the other hand, CryptoNews Flash has reported that Sonic Labs has also partnered with Silo Labs to integrate risk-isolated loan markets, increasing the security and efficiency of its ecosystem.

At the time of writing, Sonic Labs’ native token, FTM (soon to be renamed “S”), was trading at around $0.3906, down 6.66% over the last 24 hours, with a daily trading volume of $115.79 million.

The above is the detailed content of Sonic Labs Secures DeFi with Chainlink's High-Quality, Decentralized Data Feeds. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Meta Pro Space: The World's First Pro Smart Contract DeFi PlatformMeta Pro Space: The World's First Pro Smart Contract DeFi PlatformSep 04, 2024 pm 09:33 PM

Welcome to Meta Pro Space, the №1(world's first Pro Smart contract) DeFi platform ? A world where you are the primary creator!

Compound Shines a Light on DeFi Governance and DAOsCompound Shines a Light on DeFi Governance and DAOsAug 01, 2024 am 12:53 AM

For truly decentralized DeFi protocols, community members and holders of the platform's native token can vote on proposals.

Top Yield Farming Cryptos for 2024Top Yield Farming Cryptos for 2024Aug 13, 2024 am 12:01 AM

Yield farming has quickly become the most popular strategy in the Decentralized Finance (DeFi) space. By staking or lending crypto assets, users can earn huge returns that may often outpace those of traditional financial systems. The high yields offe

Aave (AAVE): A Key Player in the DeFi Lending Protocols SpaceAave (AAVE): A Key Player in the DeFi Lending Protocols SpaceAug 31, 2024 am 06:30 AM

In the fast-growing world of decentralized finance (DeFi), lending protocols offer a groundbreaking alternative to traditional banking. They enable

Binance Coin (BNB): A Comprehensive GuideBinance Coin (BNB): A Comprehensive GuideAug 11, 2024 am 12:38 AM

Binance Coin (BNB) was launched in July 2017 by Binance, one of the largest cryptocurrency exchanges globally. Initially created as an ERC-20 token on the Ethereum blockchain, BNB later migrated to Binance Chain, the proprietary blockchain developed

Key Crypto Trends Revealed by Binance ResearchKey Crypto Trends Revealed by Binance ResearchAug 13, 2024 am 12:19 AM

The global crypto market capitalization soared by 6.1% in July, drawing tailwinds from positive industry developments. Among them are value-adding news from

Uniswap V4 Released: New "Hooks" Feature for Customization, $2.35M Prize Pool AnnouncedUniswap V4 Released: New "Hooks" Feature for Customization, $2.35M Prize Pool AnnouncedAug 17, 2024 am 09:29 AM

Uniswap V4 has released an improved version of the decentralized exchange platform it offers users. These changes are aimed at decreasing transaction costs and improving liquidity issues, making transactions profitable for liquidity providers.

Proof-of-Liquidity (PoL) and Fair Token Offering (FTO) Enhance the DeFi Ecosystem on BerachainProof-of-Liquidity (PoL) and Fair Token Offering (FTO) Enhance the DeFi Ecosystem on BerachainJul 30, 2024 pm 09:25 PM

Liquidity has been the backbone of decentralized finance (DeFi) since its inception. However, securing liquidity through locked capital poses long-term challenges

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Repo: How To Revive Teammates
1 months agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Safe Exam Browser

Safe Exam Browser

Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.

SublimeText3 Linux new version

SublimeText3 Linux new version

SublimeText3 Linux latest version

VSCode Windows 64-bit Download

VSCode Windows 64-bit Download

A free and powerful IDE editor launched by Microsoft

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)