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- Streamex has integrated Chainlink’s interoperability standards to leverage its highly secure cross-chain transfers.
- Chainlink has also partnered with Kyan Exchange to provide accurate market pricing and fair settlement via its Data Streams.
The industry-standard Oracle platform Chainlink (LINK) and vertically integrated commodity tokenization company Streamex have both announced a strategic partnership to boost adoption and improve liquidity.
Details of the Partnership with Streamex
According to the official press release, Streamex would integrate the interoperability standard of Chainlink through its Cross Chain Interoperability Protocol (CCIP) across the Base and Solana mainnets. Not just that. Streamex would also fully embrace the data standard of Chainlink via the Proof of Reserve. This would technically ensure that the “real-time, on-chain verification of the gold reserve backing GLDY is provided.”
We’re leveraging the Cross-Chain Token (CCT) standard to facilitate cross-chain token transfers of the institutional-grade, gold-backed stablecoin GLDY.
It is important to note that Streamex is in the process of making its institutional-grade, gold-backed stablecoin (GLDY).
Explaining why it settled on the CCIP as its interoperability solution, the company disclosed that its CCT offers numerous benefits, including unlocking full control and ownership for developers, enabling self-serve deployment, and enhancing programmability as well as zero-slippage transfers.
Also, connecting Streamex to Chainlink provides several growth opportunities while increasing ecosystem adoption.
Interestingly, the selection of CCIP was confirmed after assessing several solutions capable of enabling highly secure cross-chain transfers of GLDY. CCIP was reported to have stood out from the other options due to its benefits and features.
Firstly, it was built to be future-proof for developers. It has in-depth security since it has a consensus layer, which is powered by the Chainlink Decentralized Oracle Network (DON) infrastructure. Its other features are secure token transfers and programmable token transfers.
Commenting on this, the co-founder and CEO of Streamex, Henry McPhie, highlighted that its GLDY could operate with the highest level of transparency through this integration.
Integrating Chainlink’s interoperability and data standards will mark a major step forward in Streamex’s mission to bring real-world assets securely on-chain. Via Chainlink we can ensure that GLDY operates with the highest levels of transparency, reliability, and cross-chain functionality, delivering institutional trust with the benefits of blockchain technology.
Chainlink Partners with Kyan Exchange, Price React
Chainlink’s groundbreaking partnerships continue as it joins hands with derivative platform Kyan Exchange. This exchange has, since its inception, facilitated trading of options and decentralized perpetual futures for different tokens.
Its partnership would ensure that it integrates the Chainlink Data Standard to power its options and perpetual markets. According to the announcement, Chainlink’s Data Streams would ensure that low-latency data is delivered to the exchange. In this case, Kyan would “enjoy” accurate market pricing, robust liquidation logic, and fair settlement.
Prior to this, Chainlink had announced that its Data Streams had been integrated into the Flex perpetual platform to enable the trading of the tokenized US Equities market, as detailed in our recent coverage. According to our earlier update, it has also enabled US Equities and Exchange-Traded Funds (ETFs) across 37 blockchains.
Regardless of these developments, the price of LINK has failed to “print” gains as it declines by 2.9% in the last 24 hours to trade at $18. In the medium term, this asset is expected to reach $32, as noted in our earlier analysis.
