Hedera Network Integrates Chainlink Standard to Enhance Its Web3 Democratization Agenda

Hedera network, a top-tier layer one blockchain backed by reputable global companies, has announced the official integration with the Chainlink standard to enhance its web3 democratization agenda.

Hedera (HBAR) has announced the official integration of the Chainlink (LINK) standard, a move that will enhance the network’s capacity for democratizing Web3.

According to the announcement, Chainlink Data Feeds and Chainlink Proof of Reserve are now live on the Hedera network. This development will enable DeFi developers on Hedera to access high-quality data for ensuring reliable services on their protocols.

no impactMoreover, the Hedera network is rapidly emerging as a major blockchain for tokenization of real-world assets (RWA) and DeFi applications.

In October, the HBAR Foundation joined the Chainlink Scale program, which marked the first step in the collaboration process.

“We’re excited to deepen our integration with the Chainlink standard by adopting Chainlink Data Feeds and Proof of Reserve on Hedera. By making the Chainlink standard available to our developer ecosystem, we can enable increased access to high-quality, tamper-proof data backed by decentralized infrastructure, which is mission-critical for building secure DeFi applications and scalable tokenized assets,” noted Elaine Song, VP of Strategy at The HBAR Foundation.

Impact of Chainlink Standard on Hedera Ecosystem

The Hedera ecosystem has expanded in recent months, reaching over $178 million in total value locked (TVL) and $26 million in the stablecoins market cap. The network has attracted significant investment from institutional investors, largely due to its growing list of governing council members.

The integration with Chainlink was primarily influenced by the network’s reputation over the past years as a reliable source of oracle data for building scalable DeFi projects. Additionally, Chainlink Data Feeds are secured by independent oracle node operators.

The Hedera DeFi ecosystem will also benefit greatly from Chainlink proof of reserve, which provides real-time data verification for tokenized assets.

Market Picture

The strategic integration of Chainlink Standard on the Hedera ecosystem will have a lasting impact on the respective native tokens. Furthermore, the mainstream adoption of smart contracts is still in its early stages, with billions of users expected to eventually use blockchain technology in the coming years.

According to the latest market data, Chainlink (LINK) price today, March 14, 2023, is $28.67 with a 24-hour trading volume of $3.24 B. Chainlink has risen more than 3 percent in the past 24 hours. The cryptocurrency ranks 21st with a live market cap of $18.00 B. It has a fully diluted valuation of $29 billion and an average daily trading volume of about $3.2 billion. Chainlink prices have already confirmed the onset of the macro bull run, which is being driven by strong fundamentals.

Hedera (HBAR), on the other hand, is approaching its all-time high as the market anticipates a potential parabolic phase. The large-cap altcoin, which has a fully diluted valuation of about $14 billion and daily average traded volume of around $1 billion, has surged 237 percent in the last 30 days to trade at approximately $0.28 at the time of this writing.

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