In a significant move for decentralized finance (DeFi), Chainlink has launched its new Data Streams product on the Avalanche Network, in collaboration with GMX, a leading perpetual futures trading platform. This innovative technology promises to revolutionize the DeFi space by providing real-time, high-frequency market data, which is particularly essential for decentralized futures exchanges like GMX.
Data Streams represents a step forward in Data-as-a-Service (DaaS) offerings by implementing a “pull-based” model. This approach allows offchain market data to be retrieved on-demand with negligible latency, thereby facilitating instant access to raw, high-frequency price data—a crucial requirement for traders on platforms such as GMX. The efficiency and speed at which Data Streams operates are set to significantly improve the data retrieval process, all the while maintaining the rigorous security standards that are vital for onchain financial activities.
Highlighting the benefits of this technology, Johann Eid, Chief Business Officer at Chainlink Labs, underscored the advantages that Data Streams bring in terms of speed and resiliency for DeFi protocols. According to Eid, this new offering is not only fast but also resilient, providing the kind of reliable data delivery that DeFi platforms require to function effectively.
Chainlink’s strategy is expansive, aiming to grow its product offerings across the blockchain ecosystem into 2024. This expansion includes integrating with Celo—an Ethereum layer-2 network—and launching new Automation features on the Gnosis network, which could potentially reduce the much-criticized gas fees, saving money for end users.
Further broadening its reach, Chainlink announced a partnership with Arta TechFin, taking a leap into the real estate sector by tokenizing property assets. This move is anticipated to decrease transaction costs and unlock liquidity in real estate investments, aligning with Chainlink’s vision of building out the infrastructure for the next generation of financial applications.
The DeFi landscape continues to evolve, and with these advancements, Chainlink is positioning itself as a versatile and integral player. By enabling instantaneous access to critical market data and streamlining complex transactions in various sectors, Chainlink and its Data Streams product are setting a high bar for data services in the blockchain domain.
