- Chainlink’s Data Streams are now live on Avalanche, according a recent announcement from Chainlink, Avalanche, and GMX, an on-chain permanent and spot cryptocurrency exchange.
GMX is the launch partner for the significant integration, which will support Avalanche’s decentralized finance (DeFi) business.
According to the platforms, Chainlink Data Streams’ on-demand access to low-latency market data through the GMX V2 connection would help Avalanche’s dApps ecosystem.
To improve Avalanche DeFi, chain data streams together
On Arbitrum and Avalanche, GMX is the top decentralized perpetual exchange (DEX) platform based on total value locked (TVL). For automated transaction settlement and high-frequency market data, GMX V2 uses Chainlink Data Streams. To be more precise, the exchange uses the Chainlink Data Streams for transaction settlement, stop orders, and liquidations.
Through integration, it will make use of these functionalities to support the ecosystem of Avalanche DeFi.
Coinflip, a key contributor at GMX, stated that the goal of GMX’s Data Streams integration on the Avalanche mainnet is to increase the success of our GMX V2 launch.
The decentralized exchange’s speed and resilience have been significantly increased by Chainlink Data Streams, and Coinflip stated, “We’re thrilled to bring those same benefits to all the traders and liquidity providers in the Avalanche community.”
By utilizing Chainlink’s decentralized infrastructure mechanism and high-frequency market data, Data Streams enable developers to produce high-throughput DeFi products with a user experience that is similar to centralized exchanges (CEXs).
On the other hand, it also offers extremely fast and secure on-chain execution. Notably, Chainlink’s resilient and decentralized architecture supports Data Streams.
Johann Eid, the chief business officer of Chainlink Labs, claims that by offering unparalleled speed and robustness, Data Streams allow DeFi protocols to produce ultra-fast, high-throughput DeFi solutions while upholding the strict security requirements of onchain finance.
Other DeFi protocols including PancakeSwap, ApolloX, Marquee, DRX Exchange, and YFX have integrated Data Streams after GMX.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
