GSR, a cryptocurrency trading firm, has partnered with Chainlink to contribute price data to decentralised oracle networks (DONs) for use in decentralised finance (DeFi) and smart contract applications, showing that the blockchain industry is moving toward interoperability and greater cross-platform compatibility.
Sergey Nazarov, co-founder of Chainlink, said in an announcement that “high-quality market data is critical to the evolution of the multi-chain ecosystem.” According to Nazarov, the introduction of GSR’s data service would allow the company to get access to the ever-expanding blockchain economy and aid in the development of smart contracts.
GSR chief Francisco Lopez also said that the relationship with Chainlink Labs will help GSR to accelerate the adoption of “trust-minimized financial data products.” Because Chainlink is blockchain-agnostic, GSR will have a “future-proof bridge” that links data to the blockchain, according to Lopez.
Developers will have access to GSR’s analytics data as a result of the agreement, which will be used in use cases that depend on the aggregation of crypto market data sources such as yield products, prediction markets, options and futures, and algorithmic stablecoins. Aside from that, the release states that the partnership will enable the development of a variety of different data products for usage in the DeFi landscape.