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Since Ethereum hosts some of the most robust applications in DeFi and Web 3, Flow believes that introducing Chainlink price feeds will help them cater to a cross-chain future.
In a bid to expand its cross-chain and decentralized finance (DeFi) ambitions, the Flow blockchain has announced the addition of the chainlink price feed to all the decentralized applications (DApps) on the Ethereum blockchain.
Flow notes that the new price feed shall be completely secure allowing developers and other Ethereum-based DeFi platforms to easily integrate FLOW into several prediction markets. This will also facilitate the use of FLOW in cases requiring accurate price data.
The introduction of FLOW on Ethereum will help it go multi-chain to cater to a cross-chain future. Furthermore, Ethereum is the hub hosting some of the most robust DeFi applications on Web 3. The official announcement also notes:
“With the introduction of wFLOW (wrapped FLOW), the community will soon be able bridge their FLOW from Flow to Ethereum with just a few clicks, allowing them to deploy the value held in their FLOW tokens on the Ethereum ecosystem”.
FLOW’s Strong Growth in DeFi
The Flow blockchain platform is witnessing strong growth in the rapidly emerging decentralized finance (DeFi) market. Flow notes that more than a dozen teams are already actively building DeFi applications on its platform. Some of these DeFi apps are preparing for their beta launch in the coming quarter.
Furthermore, stablecoin USDC is also available on the Flow ecosystem through an Ethereum-Flow Bridge. Explaining why the Flow blockchain decided on the Chainlink Price Feeds, Flow noted:
“Chainlink is the industry-leading decentralized oracle network, with Chainlink Price Feeds helping to secure $75+ billion in value for leading protocols across the multi-chain ecosystem. The price data delivered by Price Feeds has multiple layers of decentralization, making it the most secure option possible for dApp developers”.
Furthermore, Flow notes that its blockchain platform has been purpose-built to support spaces like NFT collectibles and crypto gaming. Some of the top players leveraging the Flow blockchain network include the NFL and Dapper Labs’ NBA Topshots.
Some big sporting brands like La Liga and UFC have plans to launch their own blockchain-enabled experiences on the Flow blockchain in the near future. Football club Real Madrid will be working with API software platform LAVA for issuing smart ticket NFT assets on the Flow blockchain.