Solana teams up with Chainlink to build fast oracles

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  • Solana blockchain has partnered with Chainlink, a decentralized oracle solution recently. 
  • Solana is a layer-one blockchain solution that does around 60,000 TPS without sharding.

Solana blockchain has partnered with Chainlink, a decentralized oracle solution, to build an oracle that updates very quickly. Solana CEO and founder Anatoly Yakovenko told Cointelegraph:

We recently saw market failures due to congestion on Ethereum, including oracle failures. What we’re building with Chainlink is a high-frequency oracle that can give a price update every 400 milliseconds — and because of our capacity, we shouldn’t see those kinds of market failures on our network. It’s solving a fundamental problem that we see in the decentralized exchange space.

Solana, a layer-one blockchain solution, reportedly does around 60,000 TPS without sharding. Yakovenko said:

We are scaling with hardware with Moore’s Law. We’re like a non-sharded layer-one that’s ridiculously scaled.

Chainlink is one of the sought after and popular oracle networks out there. Chainlink offers “Price Reference Contracts” which are a group of decentralized oracle networks that secure more than 25 DeFi price feeds, including ETH/USD, CHF/USD, ETH/BTC. These contracts are pegged by at least seven out of the 30 independent and Sybil resistant nodes.

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