Chainlink is an Ethereum based blockchain that specializes in providing smart contracts with data on external sources. It has recently released its first testnet called Terra which will help the Chainlink team develop and grow their product. As part of this development, they have created a price feed for Luna tokens to see how it fluctuates against other cryptocurrencies like BTC or ETH
The Chainlink (LINK) team announced that their new price feeds are now live on the Testnet. The developers have also stated that they will soon be launching a Atomic Swaps testnet with support for external wallets.Terra (LUNA) has released the Chainlink price feeds for its testnet in anticipation of mainnet launch. Terra is a decentralized exchange, and it will be able to use the data feed from the Chainlink network in order to make better trading decisions when launching their main net.The “Chainlink price feeds are now live on the Terra (LUNA) testnet” is a big step in the development of Chainlink. Chainlinks price feed will be available on the Testnet, which means that developers can start building decentralized applications on top of Chainlink. The first application built with Chainlink will be released in Q3 2019. Read more in detail here: what is chainlink crypto.
Chainlink Price Feeds, the most extensively used decentralized price oracle solution in DeFi, is now available on the Terra testnet, according to a press statement issued Monday by the team.
1/ We’re ecstatic to announce that @chainlink’s premium market data integration on the Terra testnet is now live! Please join us in welcoming DeFi’s most trusted decentralized pricing oracle solution to the Terra ecosystem. https://t.co/0JhgKxJeId
— Terra (UST) — Terra (UST) — Terra (UST) — Terra (UST LUNA (@terra money) (@terra money) (@terra money) (@terra money) (@terra money) (@terra money) (@terra_
“Chainlink Price Feeds have become the industry standard solution for decentralized price oracles,” said Do Kwon, co-founder of Terra. “They offer DeFi projects easy-to-integrate price oracles backed by high-quality data and robust backend infrastructure that’s proven resilient to volatile market conditions and extreme network congestion.”
Smart contract developers may use Chainlink Price Feeds, the Terra ecosystem’s preferred oracle solution, to have access to high-quality, tamper-proof price reference data for a variety of assets.
Chainlink Price Feeds also have no dependencies on other blockchains since they operate directly on Terra’s high-throughput blockchain, and so will enable low-latency price updates at lower costs to fulfill the demands of scaled DeFi applications.
How can the Terra-Chainlink connection benefit you?
A Chainlink Community Grant provided to blockchain development and consulting company Hack.bg enabled the Terra-Chainlink connection. Hack.bg is currently implementing Chainlink oracles on the Terra mainnet in preparation for deployment in the near future. BTC, ETH, UST, LUNA, LINK, and other currencies are among the first Chainlink Price Feeds accessible on the Terra testnet, with plans to add more as the Terra ecosystem demands.
Chainlink Price Feeds provide pre-built oracle solutions as well as a flexible foundation for customizing solutions to meet a team’s specific data and/or security needs. They’re also known for providing high-quality data supported by a solid decentralized infrastructure, which saves teams time and money by eliminating the need to construct their own solutions or depend on untested alternatives.
This infrastructure is useful for both new teams looking to provide a solid basis for their protocol’s security and current teams want to grow their infrastructure’s security to accommodate for increased TVL obligations.
4/ Chainlink price feeds provide pre-built oracle solutions as well as configurable choices depending on specific needs, such as security and scalability — providing reliable data sources and secure node operators.
— Terra (UST) — Terra (UST) — Terra (UST) — Terra (UST LUNA (@terra money) (@terra money) (@terra money) (@terra money) (@terra money) (@terra money) (@terra_
Terra is a blockchain designed for specialized applications, based on the Cosmos SDK and Tendermint consensus. The Terra protocol uses a set of algorithmic, fiat-pegged stablecoins, such as Anchor, CHAI, and Mirror Protocol, to support a vibrant DeFi environment.
Terra’s native staking and governance asset, LUNA, absorbs the short-term volatility of Terra’s stablecoins, with demand for Terra’s DeFi ecosystem a function of demand for Terra’s stablecoin (e.g., UST) — accumulating value to LUNA through seigniorage.
Terra, Solana, Ethereum, and Binance Smart Chain currently support UST. Terra is now IBC-compatible, thanks to the latest Columbus-5 update, allowing UST and Terra asset liquidity on the Cosmos network.
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