CRO-Powered Cronos Integrates Chainlink Price Feed as Recommended Solution for DeFi Developers

Key highlights:

• The Cronos blockchain is integrating Chainlink Price Feeds to enable new functionality for DeFi developers
• Cronos is an EVM-compatible blockchain that uses CRO as its native asset, and its testnet went live in July
• Cronos runs in parallel with the Crypto.org Chain

Cronos integrates Chainlink Price Feeds as recommended oracle solution

The recently launched Cronos blockchain has announced that it is integrating Chainlink Price Feeds to provide DeFi app developers a recommended source of off-chain price data. 

Decentralized finance apps often need access to data that might not be accessible directly on the blockchain they’re deployed on. Decentalized oracles such as Chainlink play a crucial role in ensuring that these apps can access up-to-date and trustworthy data, which opens up unique use cases like on-chain derivatives.

Crypto.com CEO Kris Marszalek commented on the Cronos integration with Chainlink, saying that it’s part of the Cronos project’s aim of providing full-spectrum support to projects building on their chain:

“Our goal is to provide full- spectrum support for all projects built on Cronos. Chainlink has always been a trusted partner for provisioning secure and reliable decentralised oracle networks and the integration will benefit DApps that need oracles, especially price feeds, to function.”

Crypto.com has previously already collaborated with Chainlink, and the company already uses Chainlink Price Feeds in their DeFi Wallet product.

Currently in testnet, Cronos is an EVM-compatible blockchain that runs in parallel to the Crypto.org Chain, and also uses CRO as its native asset. Cronos is built on Ethermint and allows developers to easily port over their DApps from Ethereum or other EVM-compatible chains. Cronos utilizes a Proof-of-Authority consensus mechanism, which provides strong scaling potential, but comes with a relatively limited set of validators. 

The Chainlink integration on Cronos will help DeFi apps on the blockchain handle key tasks such as settling derivatives, rebalancing algorithmic stablecoins, determining exchange rates for tokens that track other assets, and more.

The Cronos testnet was launched on July 20, so the platform is still in its early stages. However, it does have some very solid backing - promising projects building on Cronos can each receive up to $1 million in funding through the $100 million EVM Fund launched by Particle B in May. Of course, Crypto.com’s userbase of over 10 million could also represent a strong foundation for the adoption of Cronos.