- Hedera’s developers adopted Chainlink’s oracle technology.
- The best Chainlink data feeds are now live on Hedera’s testnet.
- HBAR & LINK prices reacted in opposite directions following the announcement.
The Chainlink Scale program onboards developers on Hedera-based HBAR, opening the door to a set of Chainlink (LINK) data feeds and Chainlink’s highly secure Contractor Controlled Insurance Program (CCIP).
What does Chainlink bring to HBAR?
With extensive access to Chainlink’s oracle services, HBAR developers can immediately start feeding data from decentralized oracles on Hedera’s testnet. It potentially paves the way for feature-rich decentralized applications (dApps) on Hedera’s native platform, with a reputation system that allows users to decide which applications to choose.
Chainlink’s data collectors provide real-time data from hundreds of cryptocurrency exchanges, which helps develop a decentralized finance (DeFi) infrastructure based on Hedera’s distributed ledger technology.
The on-chain data provided is weighted only by trading volume, making it less susceptible to outliers and wash sales. Additionally, the partnership will give Hedera’s developer team access to Chainlink validator nodes to facilitate interoperability between chains.
Hedera’s HBAR price fell below $0.05.
Despite the excitement, Hedera’s altcoin fell below the $0.05 key support level, overshadowing the community’s optimism on Reddit & X. Some cryptocurrency traders took their time predicting further HBAR price drops. Analyst Coinivedik expects HBAR to trade at $0.03, accusing the HBAR Foundation of heavy selling.
Other traders attribute Hedera’s underperformance relative to market sentiment to the dominance of Bitcoin (BTC). Annual return statistics show that altcoins do not show a high correlation with Ethereum (ETH). The largest proof-of-stake asset is up 49%, while HBAR is down 8% from exactly a year ago.
On the flipside
- So far, news of the partnership has had more of an impact on the price of Chainlink (LINK), which is up 5.2% in the last 24 hours.
- According to CoinGecko, the price of Hedera’s HBAR cryptocurrency has plummeted 2% and is currently trading below $0.05.
Why This Matters
Interoperability initiatives, such as the HBAR Foundation’s partnership with Chainlink Scale, have the potential to drive large-scale cryptocurrency adoption by providing user-friendly, full-featured dApps to the public.
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