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- Chainlink Data Feeds are now live on Hedera Testnet after the HBAR foundation joined the Chainlink Scale under the Chainlink Economics 2.0 program.
- Chainlink Data Feeds and Chainlink’s CCIP are actively being implemented on Hedera, equipping developers with industry-standard service.
On the 29th of October, the HBAR Foundation announced its partnership on X with the Chainlink scale, a program that enhances the growth of blockchain and layer-2 networks. The Chainlink Scale is part of a more comprehensive initiative referred to as Chainlink Economics 2.0. As a collective, these programs are centered around improving data security and reducing the Operating costs of Oracle services.
As part of this alliance, Chainlink Data Feeds have gone live on the Hedera Testnet. This initial integration is just the beginning; Chainlink Data Feeds and Chainlink’s Cross-Chain Interoperability Protocol (CCIP) are actively being implemented on Hedera.
Hedera’s and Chainlink’s relationship dates back to 2021, when Chainlink Labs joined the Hedera Governing Council, since then, the two have collaborated closely. Chainlink Labs has played a vital role in the decentralized governance of the Hedera network, allowing it to leverage its expertise and technology. Notably, the Hedera network is governed by a decentralized council of over 30 organizations, including large enterprises, banks, universities, and nonprofits.
The Benefits of the HBAR Foundation’s Partnership with Chainlink
As stated in HBAR’s official report on the partnership, Chainlink Data Feeds aggregate data from various premium sources, resulting in price information that is compiled from hundreds of exchanges. This data is weighted by volume and cleansed of anomalies and wash trading, enabling Chainlink’s aggregation model to produce more accurate global market prices that are resilient to inaccuracies or manipulation from any single exchange or a small group of exchanges.
Additionally, Chainlink Data Feeds are protected by independent Oracle nodes that are security-reviewed and resistant to Sybil attacks, operated by top blockchain DevOps teams, data providers, and established enterprises.
Another advantage is that the data Feeds operate on a decentralized model at multiple levels: the data source, oracle nodes, and the oracle network itself. This decentralization means that no single entity controls the entire system, which helps prevent points of failure. By distributing data across various sources and nodes, Chainlink significantly reduces the risk of downtime
Chainlink incorporates a reputation system that offers a framework for assessing the performance of its oracle nodes and networks. This system is complemented by a set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance metrics of node operators. With this, users can check how well individual nodes have performed over time, including factors like uptime, accuracy, and reliability.
HBAR Foundation Sparks LINK Price Rally
The price of LINK has increased by about 3%, reaching $11.88, which indicates a favorable market response to the partnership. This reflects the growing investor confidence driven by Chainlink’s expanding presence. With recent collaborations, including the recent the launch of Chainlink Data streams on opBNB and the integration with Swift’s messaging network the LINK network is progressively enhancing its DeFi functionality and cross-chain capabilities.
Recent price analysis suggests that LINK could potentially rise to $20 if the current bullish momentum continues.
