New on Binance Smart Chain: Chainlink Oracles
Binance Smart Chain (BSC) has successfully integrated the Chainlink decentralized oracle network on its mainnet as its recommended oracle solution. As a result, Chainlink is now available for use by any and all BSC smart contracts.
By integrating Chainlink, Binance Smart Chain can now support a robust ecosystem of externally connected DeFi applications, as well as numerous other smart contract verticals such as gaming, insurance, and supply chain management. Chainlink oracles are accessible on Binance Smart Chain without any dependencies on Ethereum.
Chainlink’s Role in BSC’s Growth
Binance Smart Chain already hosts several live Chainlink Price Feeds that developers can integrate into their decentralized application today to trigger key DeFi functions like checking stablecoin collateralization, pricing synthetic assets, issuing fair market loans, settling derivatives contracts, verifying the reserves of cross-chain assets, and much more.
For instance, DODO, a BSC-based proactive market maker, is already using Chainlink Price Feeds on BSC to price cryptocurrency assets and maximize its on-chain liquidity pools for low-slippage token swaps. This is just one of the many money legos that are now possible on Binance Smart Chain with support from Chainlink Price Feeds.
In addition to decentralized Price Feeds, Chainlink will also launch its Verifiable Random Function (VRF) on Binance Smart Chain to provide developers with a secure and provably fair source of on-chain randomness. This will enable the development of a wide range of applications reliant on secure random number generation. This is useful for rewards, games, and more applications.