Starknet Integrates Chainlink Data Feeds to Accelerate the Growth of Its Ecosystem

After joining Chainlink SCALE, Starknet announced the integration of Chainlink Data Feeds crypto oracles on its mainnet.

Starknet, a layer-2 zk-rollup, announced the integration of Chainlink Data Feeds crypto oracles on its mainnet as part of the Chainlink SCALE program.

The Starknet Foundation will cover part of the operational costs for Chainlink oracle nodes, providing Starknet developers with low-cost access to Chainlink Data Feed.

This partnership aims to create an attractive landscape for developers on the Starknet platform by providing a rich, low-cost data environment for building decentralized applications (dApps) and high-performing, increasingly complex, and secure smart contracts.

Chainlink, known for its decentralized oracles, provides data to many crypto ecosystems and will now offer it to Starknet.

With this data, developers can create complex smart contracts that use information from outside the platform they are using.

Starknet is a layer-2 of Ethereum that is building an ecosystem to help developers overcome the scalability limits of layer-1 while ensuring computational integrity.

By adding Chainlink Data Feeds, Starknet will further support developers building scalable and secure DeFi applications on Starknet, helping to accelerate the growth of the ecosystem.

Specifically, Starknet is a permissionless Validity-Rollup on Ethereum that uses ZK-STARK technology to enable dApps to achieve massive computational scale securely.

However, like all blockchain environments, smart contracts cannot natively access data from the outside, which is where Chainlink oracles come in, bringing accurate market data on-chain securely.

The non-profit organization that manages the Starknet ecosystem is the Starknet Foundation.

Its mission is to create a digital world built on integrity, trust, and transparency.

The Foundation supports the development, growth, and adoption of the ecosystem through a wide range of programs and partnerships to create a highly engaged community of developers, founders, and users.

The oracles of Chainlink

Chainlink is a leading decentralized platform in the oracles sector.

In the blockchain context, oracles are software that allows external data to be brought into a blockchain ecosystem, considering that these systems natively do not have the tools to do so.

Chainlink has dominated this sector for years, enabling transactions worth over 12,000 billion dollars.

It provides financial institutions, startups, and developers with onchain access to real-world data, off-chain processing, and cross-chain interoperability on virtually any blockchain.

Moreover, it powers verifiable applications and high-integrity markets for the banking sector, DeFi, global trade, gaming, and other sectors.

The STRK and LINK tokens

Both Starknet and Chainlink have tokens present in the crypto markets.

The Starknet token, STRK, only arrived on the crypto markets in February of this year, and its price has been almost constantly falling since then.

After a brief and small mini-rally at the beginning of March, the price started to decline and this decline does not seem to have ended yet.

A totally different discussion, however, is that of LINK, the token of Chainlink.

It was launched on the crypto markets as early as 2017, and in 2021 it made a truly sensational rally, thanks to which its price rose in a few months from $2 to $52.

During the bear-market of 2022, however, a crash occurred, which in 2023 ended up bringing its value even below $6.

However, starting from the end of October, it began a rise, ending in March above $21.

Since then, the price has fallen below $13, where it seems to have momentarily settled.

Note that $13 was approximately the price at the end of April 2022, before the implosion of the Terra/Luna ecosystem.

The comments on the new crypto partnership between Starknet and Chainlink with Scale

Here are some comments from the CEO of the Starknet Foundation, Diego Oliva, and the Chief Business Officer of Chainlink Labs, Johann Eid, on the partnership:

“We are excited to integrate the industry standard, Chainlink Data Feeds, on Starknet.

Providing Starknet developers with highly secure, reliable, and accurate data will unlock a range of advanced DeFi use cases and drive the adoption of the Starknet ecosystem.”

“We are pleased to support the Starknet ecosystem with the native integration of Chainlink Data Feeds, allowing developers to create highly secure and scalable DeFi applications.

With hyper-reliable, accurate, decentralized, and natively onchain accessible market data, developers can create next-generation applications on Starknet.”