The Kraken exchange now provides data from its markets to the Chainlink Ecosystem (LINK). By tapping a node in the network, Kraken helps Chainlink’s price oracles be more accurate.
Kraken strengthens the Chainlink network (LINK)
The major exchange Kraken now operates its own Chainlink network node (LINK). This allows it to disseminate information on its markets to the network’s price oracles.
Very soon, Kraken will aggregate its market data to make it available on-chain for all decentralized finance (DeFi) applications that use Chainlink.
“Operating our own Chainlink node will not only provide us with a mechanism to broadcast our Oracle Rates on any blockchain, but we will also be able to leverage Chainlink’s built-in crypto signing capabilities to provide users with on-chain proof of this data comes directly from the Kraken, ” the statement added .
For Chainlink’s oracle network, this will help its decentralization to a certain extent, and will reduce potential price manipulation on the protocols using its oracles.
Kraken thus becomes one of the few major exchanges that operate Chainlink nodes, alongside Huobi .
Kraken participates in the rise of DeFi
This initiative on the part of Kraken is not trivial and greatly contributes to the development of decentralized finance (DeFi) .
Jeremy Welch , vice president of Kraken, is proud that the platform has this ability to “look to the future”. He believes that Kraken has the full capabilities to deliver products and services that match market demand:
“Given the growth of my DeFi and the need for high quality data streams to keep it secure, we are excited to make our pricing available to DeFi developers through our own node. Chainlink, ”he added.
In this way, Kraken continues to lead the way for its peers, who could certainly do the same in the near future.
In addition, during the first half of 2021, the exchange will integrate Bitcoin’s Lightning Network (BTC) into its ecosystem . Another Kraken initiative that must be highlighted, as the Lightning Network does not yet have sufficient visibility despite the many advantages it offers.