Synthetix to use Chainlink to decentralize cryptocurrency price feeds
Synthetix, a decentralized synthetic asset exchange, today announced that it is working with Chainlink, a leading oracle network, to enable decentralized price feeds across the Synthetix trading platform. Integrating with Chainlink will allow anyone to build and run an oracle to obtain price feeds for synthetic assets (also called Synths) for the recently launched Synthetix.Exchange.
The announcement is an important step towards greater decentralization, as the Synthetix system uses a distributed collateral pool of cryptoassets for censorship resistance. As each Synth relies on a variety of price feeds to maintain a stable price, these feeds are crucial for the network to operate efficiently and to further advance its vision of a global and completely decentralized exchange platform.
Synthetix joins the growing group of top projects working with Chainlink. In the last month alone, multiple projects have announced working with Chainlink, including Celer Network, Naka Chain, and Katallassos.
“This is an important step for both decentralization and interoperability within the Ethereum ecosystem. We’re extremely excited about the privilege of working with Chainlink, who have proven themselves to be the best option for blockchain projects looking to connect their smart contracts to real-world data. Integrating with Chainlink will allow Synthetix to continue to execute on its path towards greater decentralization through user participation.”
