Chainlink's New Data Streams Product Goes Live on Avalanche Network with GMX Adoption
Summary:
Chainlink has launched its Data Streams product on the Avalanche network, with decentralized perpetual futures trading platform GMX being the first to use the service for its protocol. The Data Streams use a "pull-based" oracle model to provide real-time, offchain market data. This new model works especially well for platforms like GMX where high-frequency price data is required instantly. The launch represents another step forward for Chainlink, which continues to expand its services across the blockchain landscape. This includes its recent partnerships with Celo and Gnosis networks, and a collaboration with Arta TechFin to tokenize real estate.
Chainlink, the Oracle network, has rolled out its Data Streams offering on the Avalanche platform. GMX, a decentralized platform for trading perpetual futures, is the first to adopt the novel real-world market data provided via Data Streams to drive its perpetual futures scheme. Chainlink’s Data Streams deviates from its customary “push-based” oracles, which amass and affirm data onchain at periodic intervals or when set criteria are fulfilled. Data Streams, inversely, adopts a “pull-based” oracle model that collects offchain market data instantly on request, with minimal lag. This feature is specifically beneficial for perpetual futures platforms like GMX, where traders need access to unprocessed, high-speed price data in split seconds, without waiting for onchain validation each time it's required. Despite this, Chainlink’s Data Streams continue to validate the data onchain, but only when onchain verification becomes crucial - like when a trade is being executed. Following the launch of the Chainlink Data Streams on the Avalanche platform, Johann Eid, the Chief Business Officer at Chainlink Labs commented: “By providing unparalleled rapidity and toughness, Data Streams facilitate DeFi protocols in offering extremely fast, high-volume DeFi products while retaining the high-security assurances of onchain finance.” During 2024, Chainlink has been progressively deploying its offerings across the blockchain arena. In May, it announced an amalgamation with Celo to provide Ethereum layer-2 network users with Chainlink’s CCIP Interoperability Protocol. Later, Chainlink’s Automation features and CCIP protocol were also introduced on the Gnosis network, which enables users to delegate hefty computing tasks to the Chainlink network, potentially decreasing gas fees by nearly 90%. At the beginning of 2024, Chainlink declared a collaboration with Arta TechFin, a Hong Kong-based asset management company, to tokenize real estate – which is historically an elevately illiquid asset class. Tokenizing real estate would substantially revolutionize the real estate purchase and sales processes, significantly reducing transactional expenses and setting free liquidity trapped in these hard assets. The efficiencies offered by real estate tokenization are attractive to both institutional and individual investors, as stated by Kunal Bhasin from KPMG Canada. Furthermore, the tokenization of real estate could democratize commercial real estate, enabling smaller players to invest in a sector traditionally reserved for larger investors.
Published At
6/27/2024 7:00:00 PM
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