This article is contributed by Chainlink
We are excited to announce that Chainlink, the market-leading decentralized oracle network, has been successfully integrated on the Binance Smart Chain (BSC) mainnet as our recommended oracle solution and is now available for use by any and all BSC smart contracts. Chainlink oracles are accessible on Binance Smart Chain without any dependencies on Ethereum, made possible through a native deployment of the Chainlink protocol so developers can use and pay Chainlink directly on-chain.
By integrating Chainlink, Binance Smart Chain can now support a robust ecosystem of externally connected DeFi applications, as well as numerous other smart contract verticals such as gaming, insurance, and supply chain management. Binance Smart Chain already hosts several live Chainlink Price Feeds that developers can integrate into their decentralized application today to trigger key DeFi functions like checking stablecoin collateralization, pricing synthetic assets, issuing fair market loans, settling derivatives contracts, verifying the reserves of cross-chain assets, and much more.
Leading Proactive Market Maker (PMM) protocol DODO is already using Chainlink Price Feeds on Binance Smart Chain to price cryptocurrency assets and maximize its on-chain liquidity pools for low-slippage token swaps. This is just one of the many money legos that is now possible on Binance Smart Chain with support from Chainlink Price Feeds. Developers wanting to integrate existing Chainlink Price Feeds or request the deployment of new ones on Binance Smart Chain can check out the following documentation or reach out to the Chainlink team: [email protected].
In addition to decentralized Price Feeds, Chainlink will also launch its Verifiable Random Function (VRF) on Binance Smart Chain to provide developers with a secure and provably fair source of on-chain randomness. This will enable the development of a wide range of applications reliant on secure RNG, particularly generating random NFT rewards, designing unpredictable gameplay scenarios in blockchain-based games, fairly ordering users at random from a large pool of participants (e.g. ticket queues for events, random juror selection, public token sale events), and much more.
While Chainlink Price Feeds and VRF provide pre-built oracle solutions for instant access to price data with full market coverage and secure randomness, Chainlink oracles also enable BSC smart contracts to fetch data from any off-chain API. This includes accessing premium data providers and authenticated API services that require credentials management. From obtaining the total cryptocurrency market cap and the prices of real world assets to weather data, web analytics, and more, BSC smart contracts can be seamlessly connected to the real world.
Some of the important features available to developers wanting to use Chainlink on Binance Smart Chain include:
- External Adapters are pluggable serverless functions that can be created to enable Chainlink nodes to connect to any external API, whether that be a data provider, web server, external blockchain, IoT network, enterprise backend, payment system, etc.
- Decentralized Price Reference Feeds for many of the leading crypto assets used as collateral throughout DeFi, such as BTC, ETH, and BNB as well as providing data feeds for various other cryptocurrencies, FX rates, commodities, indices, and more.
- Large Pool of Security Reviewed Oracle Node Operators run by leading blockchain DevOps teams that developers can easily leverage to launch decentralized oracle networks with highly reliable services and Sybil-resistant protection.
- Native Chainlink Contracts so users can access oracle services at the native speeds of Binance Smart Chain without any bottlenecks or external dependencies on other chains.
These are just a few of the nearly limitless use cases that can be created on Binance Smart Chain with Chainlink Oracles. For more development ideas, refer to Chainlink’s recent blog outlining 77 Smart Contract Use Cases Enabled by Chainlink.
If you are a developer and want to use Chainlink on Binance Smart Chain, check out the following documentation, or reach out to the Chainlink team in their discord. Additionally, If you would like to request a new Price Feed on Binance Smart Chain or discuss a customized oracle solution, get in contact with the team [email protected]
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Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible dApps.
For more information on Binance Smart Chain, visit https://www.binance.org/#smartChain.