- Associated Press media organization and Chainlink oracle network partnered, with the latter seeking to provide blockchain applications with real-time news.
- LINK at press time had gained 4.5 percent in the day to trade at $29.54, owing to the latest development.
The Associated Press (AP) has now integrated with Chainlink (LINK) decentralized oracle to boost the latter’s information feed. AP, an independent global news organization, will provide Chainlink with news on US economic, sports, and elections matters.
Notably, Chainlink connects blockchains with external data using nodes and application programming interfaces (APIs). The same will be done for AP’s data, after which it will be sold directly to blockchain applications. All news feeds from AP will be cryptographically signed to verify that they are actually from AP.
The collaboration will use smart contracts to trigger several on-chain events, including informing markets of election race calls. The release of, for instance, a company’s quarterly financial report, could inform an on-chain trade. Media reports could further be used to improve non-fungible token (NFT) designs based on real-world occurrences.
Founded in 2017, Chainlink’s open-source oracle infrastructure has been rising in popularity due to its accuracy, reliability, and security. The network’s APIs have also been touted as easily compatible, accessible, and monetizable within any blockchain.
AP boasts of being a source of “trusted, fast, accurate and unbiased news in all formats”. The news agency has recently been making what it calls an “industry-leading foray into blockchain markets.” In 2020, AP jointly with Everipedia, published US race calls on the Ethereum blockchain.
Moreover, the organization sold its first media NFT in early 2021 and it continues to tokenize news for collectors. More recently, AP made its first venture into digital generative artworks by delivering them news feeds.
Its latest integration now furthers blockchain tech adoption and drives further penetration of Chainlink into the DeFi market.
Chainlink recent patnerships
Among Chainlink’s latest developments in the recent integration with Trader Joe, one of the biggest DeFi projects on Avalanche. Banker Joe will use Chainlink Price Feeds to assess users’ borrowing capacity before issuing loans and to perform loan checks during liquidations.
Trader Joe is delighted to officially announce that the Banker Joe Lending Protocol, is powered by @chainlink Price Feeds 🔗
Check out the below article for details on the role Chainlink plays for Banker Joe and why it is the #1 Price Oracle 👇https://t.co/1MigFMMDIj
— Trader Joe (🎩,🔺) (@traderjoe_xyz) October 20, 2021
The oracle also announced a new collaboration with the NFT play-to-earn game POCOLAND on Binance Smart Chain (BSC). POCOLAND is now able to provide real-time price feeds for user purchases besides increasing fairness in its gaming mechanism.
— BrotherHood (@BrotherHoodGems) October 18, 2021
LINK price action
LINK, ranked the 17th cryptocurrency by market cap, has been riding in on the recent Bitcoin-led market rally. The digital asset has gained 10.7 percent in the past week. The news of its development with AP has also contributed to recent bullishness. According to our data, LINK at press time was trading at $29.54, up 4.5 percent in the day.
Austin Arnold, crypto enthusiast and host of the Altcoin Daily, forecasts a significant uptrend in LINK in the coming months. He attributes such a movement to Chainlink’s rise in partnerships. His sentiments align with those of popular crypto strategist and trader, Michaël van de Poppe.