Chainlink Price Feeds Are Now Live on Metis, Helping Provide Our DeFi Ecosystem With High-Quality Price Data
We’re excited to announce that Chainlink Price Feeds, the industry-leading data solution for the DeFi economy, is now live on Metis Andromeda. Smart contract developers can now secure their applications with high-quality, decentralized price data natively on Metis, helping them to build highly scalable, low-cost, and feature-rich applications.
The integration of Chainlink Price Feeds supports the expansion and security of Metis’s DeFi ecosystem, giving developers the decentralized infrastructure required to build increasingly sophisticated yet cost-effective blockchain-based applications. Metis is now able to enter its next phase of growth, enabling advanced functionality and driving further innovation across the DeFi ecosystem.
Metis developers can start developing with Chainlink Price Feeds by referencing Metis developer documentation.
Chainlink Price Feeds are on-chain price reference contracts powered by decentralized oracle networks. Each decentralized oracle network is made up of numerous Sybil-resistant node operators, which source prices from high-quality data aggregators to generate accurate market prices that are backed by wide market coverage and infrastructure without single points of failure. Chainlink Price Feeds already help secure tens of billions of dollars in on-chain value across DeFi.
Metis is a layer-2 network built on top of Ethereum that’s highly scalable, low-cost, and fully functional. Using the Metis Virtual Machine (MVM), developers can take advantage of the fast transaction speed, native storage capability, rich functionality, and low transaction fees needed to build fully featured yet cost-effective dApps. The Metis DeFi ecosystem has already seen exciting growth with protocols such as Beefy Finance, Pickle Finance, and Synapse Network launching on the network, and this Chainlink Price Feeds integration is set to drive even more growth.
By combining Metis and Chainlink, developers can build highly scalable, externally connected blockchain applications with strong security and reliability guarantees. Chainlink Price Feeds leverage several key design features to help ensure smart contracts always receive the most accurate and up-to-date financial market data. Each Chainlink Price Feed is secured by a decentralized network of independent, security-reviewed nodes run by professional DevOps. These nodes are Sybil-resistant and have a strong and verifiable history of being highly available during outlier periods of extreme volatility.
Chainlink Price Feeds have become the industry standard as they incorporate several key features:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by liquidity depth, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
- Transparency — Robust, publicly available reputation frameworks and on-chain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
- Economy of Scale — Chainlink Price Feeds benefit from an economy of scale effect, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets. This allows DeFi projects to get premium data quality and robust oracle security for a lower total cost.
Ultimately, the combined benefits of Chainlink and Metis enable feature-rich, cost-effective DeFi applications with high transaction speeds, high-quality data, and low transaction fees.
“Chainlink Price Feeds will accelerate innovation in the Metis ecosystem, enabling DeFi applications to support advanced functionality that improves the user experience,” said Elena Sinelnikova, Co-Founder and CEO of Metis. “Given the demand for more affordable and faster Web3 applications, our scalable layer-2 solution, in combination with Chainlink Price Feeds, is set to help accelerate the adoption of DeFi and enable innovative new use cases.”
“We’re pleased to support the Metis ecosystem with the native integration of Chainlink Price Feeds, enabling developers to build scalable DeFi platforms on top of Ethereum,” stated Niki Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs. “With high-quality, hyper-reliable, and decentralized market data accessible, developers can build more advanced dApps that offer users a superior user experience.”
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Metis Andromeda is a Layer-2 built on top of Ethereum with full EVM compatible smart contracts and a rich dApp ecosystem as well as inheriting Ethereum’s security features. Led by the Metis DAO, Andromeda has a number of unique capabilities such as a Peer-to-Peer Sequencer layer and built in extended features for Decentralized Autonomous Companies (DACs). Projects and sub-communities on Andromeda leverage these extended L2 features to bring their Web 3 vision to life, making Andromeda the leading L2 solution on Ethereum in terms of empowering developers and everyday users.