AI Summary
- Hedera Hashgraph has integrated Chainlink data feeds and Chainlink Proof of Reserve as part of the network’s continuous partnership.
- The integration will allow super-fast, streamlined access to immutable data which will help Hashgraph’s DeFi expansions and RWA initiatives.
- Hedera has adopted the Chainlink data standard to improve decentralized finance and real-world asset (RWA) efforts on the network.
- By using Chainlink’s data standard and Proof of Reserve verification, HBAR developers can access tamper-proof data feeds and more to help build security-reliant decentralized financial applications and RWA platforms.
Hedera Hashgraph has integrated Chainlink data feeds and Chainlink Proof of Reserve as part of the network’s continuous partnership.
The integration will allow super-fast, streamlined access to immutable data which will help Hashgraph’s DeFi expansions and RWA initiatives.
The news comes after the Hedera Foundation joined Chainlink Scale in October 2024, with CCIP being integrated into HBAR.
Chainlink adoption continues on Hedera Hashgraph
Hedera has adopted the Chainlink data standard to improve decentralized finance and real-world asset (RWA) efforts on the network. Part of SmartData, an all-in-one platform for ‘asset servicing data products’, the new integrations are life on Hedera.
By using Chainlink’s data standard and Proof of Reserve verification, HBAR developers can access tamper-proof data feeds and more to help build security-reliant decentralized financial applications and RWA platforms.
From Hedera:
As the standard for decentralized data, Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value,
Why is Chainlink’s partnership with Hedera so important?
To develop high-quality, functioning decentralized applications that will power the underbelly of RWA platforms and real-world DeFi apps, off-chain data feeds are of the highest importance.
Decentralized oracles are needed to receive important data that cannot be tampered with or changed in transit to deliver crucial data on the Hedera network. Chainlink is renowned in the cryptocurrency space for its reliable framework and robust on-chain and off-chain tools.
Chainlink’s Proof of Reserve allows access to real-time reserve verifications for a multitude of tokenized assets.
Since the Reserve can be monitored openly by any single entity or individual, assets can be verified with ease, bringing a new level of transparency to HBAR.
From Elaine Song, VP of Strategy at The HBAR Foundation:
“By making the Chainlink standard available to our developer ecosystem, we can enable increased access to high-quality, tamper-proof data backed by decentralized infrastructure, which is mission-critical for building secure DeFi applications and scalable tokenized assets.”
