Smart Chain Arena, the team behind the intuitive smart contract development platform for Tezos SmartPy has received a blockchain integration grant for integrating price feeds of Chainlink on the Tezos blockchain. It has received this grant from the Chainlink Community Grant Program whose role is to provide researchers and a team of developers with different financial resources while creating a more accessible and functional Chainlink network.
The developers of the Tezos blockchain now will be able to integrate price reference data feeds of Chainlink. With this integration, all of the decentralized finance developers of Tezos would be able to have access to the market’s major decentralized price oracles.
While expressing the feelings of joy on being awarded this blockchain integration grant, Smart Chain Arena said, “We’re excited to be awarded a Chainlink Community grant to expand the Chainlink Network by integrating its widely used Price Feeds into the Tezos blockchain.”
This integration will help the Tezos blockchain in developing next-generation decentralized finance (DeFi) products. By having access to price oracles of Chainlink, Tezos developers would be able to build DeFi apps in a secure way. As Smart Chain Arena said in a statement:
“We look forward to giving Tezos developers access to Chainlink’s ready-made and proven decentralized price oracles to support the launch of next-generation DeFi applications on Tezos in a secure, yet accelerated manner.”
Moreover, the development of a modern monitoring system for supporting decentralized finance projects “such as continual upgrades of the Chainlink node infrastructure, system of contracts” being created on the platform of the Tezos blockchain will be another benefit of this integration.
Chainlink is considered a leading provider of decentralized price oracles. It provides its price oracles to those financial firms or businesses that are well aware of the potential of decentralized price oracles and understand their importance as compared to centralized oracles. Recently, the world’s largest digital currency exchange in terms of trading volume Binance integrated its Smart Chain into Chainlink. This integration is helpful for Chainlink as it will not have to rely upon the Ethereum blockchain.