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- Sonic Labs integrates Chainlink Data Feeds and CCIP, empowering developers with advanced tools for building secure on-chain applications.
- Chainlink’s decentralized oracle network and CCIP ensure strong security and reliability for Sonic Labs’ cross-chain app ecosystem.
Sonic Labs has announced its involvement in the Chainlink Scale program, which will incorporate Chainlink Data Feeds and Chainlink CCIP into its Sonic network.
This collaboration empowers Sonic ecosystem developers by providing them with enhanced tools for building feature-rich on-chain applications using Chainlink’s highly acclaimed services.
Sonic Labs gains better access to Chainlink’s affordable Oracle services, which Sonic will initially support before charging users for them in full as the ecosystem develops.
💥 We’re excited to announce that we've joined the @Chainlink Scale program and integrating Chainlink Data Feeds and CCIP into #Sonic!
Scale allows us to cover Chainlink costs, empowering developers to build feature-rich apps with high-quality oracle services.
Chainlink Data… pic.twitter.com/q19WRbbGE0— Sonic Labs (prev. Fantom) 💥 (@0xSonicLabs) September 3, 2024
Sonic Labs Secures DeFi with Chainlink’s High-Quality, Decentralized Data Feeds
Chainlink Data Feeds, which are widely used throughout the on-chain ecosystem, play an important role in protecting DeFi protocols. These protocols manage tens of billions of dollars in smart contract value, assuring security and availability even during unforeseen situations.
Chainlink Data Feeds are well-known for their high-quality data, which is sourced from various premium data suppliers across hundreds of exchanges. Accurate global market prices that withstand manipulation are the result of weighting this data by volume and cleansing it to remove outliers and wash trading.
In addition to high-quality data, Chainlink Data Feeds provide secure node operations. Top blockchain DevOps teams, data providers, and well-established businesses run these nodes.
The nodes are subjected to security evaluations and are Sybil-resistant, ensuring reliability even in the face of high gas costs or infrastructural concerns.
Chainlink’s decentralized network architecture strengthens its reliability by dispersing data sourcing, node operations, and the Oracle network itself. Users can independently evaluate node and network performance using Chainlink’s extensive reputation system and on-chain monitoring tools, which increases transparency and confidence.
Sonic Labs has also selected Chainlink CCIP as its cross-chain interoperability solution due to its remarkable security and dependability, earning it the highest level of cross-chain security in the blockchain industry. Michael Kong, CEO at Sonic Labs, stated:
“We joined Chainlink Scale because it’s one of the most popular ways to make industry-standard oracle services available to Sonic developers. Chainlink Data Feeds will enable the development of high-quality DeFi applications, while CCIP will provide secure and reliable blockchain interoperability for the Sonic ecosystem. Developers asked for Chainlink, and we have it.”
The Risk Management Network, a separate system that keeps an eye on cross-chain operations for suspicious activity, supports CCIP by adding an additional layer of security to thwart attacks and safeguard user money. This precaution is especially important given the billions of dollars lost in prior cross-chain exploits.
Chainlink CCIP provides various benefits to developers, including a defense-in-depth security approach backed by Chainlink’s decentralized oracle networks. These networks have secured tens of billions of dollars for smart contracts while enabling over $14 trillion in on-chain transaction value.
Furthermore, CCIP’s seamless integration streamlines the creation of cross-chain applications by providing a single interface that eliminates the need for bespoke programming. CCIP’s scalable architecture also enables developers to communicate with any blockchain using a single platform, assuring future-proof functionality as new chains and features are added over time.
On the other hand, CNF has noted that Sonic Labs has collaborated with Silo Labs to integrate risk-isolated loan markets, thereby increasing the security and efficiency of its ecosystem.
As of writing, Sonic Labs’ native token, FTM (soon to be renamed “S”), was trading around $0.3906, down 6.66% over the last 24 hours, with a daily trading volume of $115.79 million.
