Chainlink Data Feeds is set to become the official data oracle solution for the TRON blockchain ecosystem, providing data feeds for TRON’s DeFi applications JustLend and JustStable.
In an Oct. 31 press release, TRON(TRX) announced that its community-governed DAO, TRON DAO, will discontinue all support and reliance on WINkLink as oracle solution for the TRON blockchain. Instead, TRON will be switching to Chainlink Data Feeds to provide pricing data on-chain.
In a blockchain, an oracle provide external data to on-chain smart contracts. Acting as a connector to external systems, oracles enable decentralized applications to access off-chain data and operate based on real-world events, like weather data, random numbers, price feeds, event outcomes, and much more.
As TRON’s new oracle solution, Chainlink’s industry-standard data oracles will help secure JustLend and JustStable. JustLend and JustStable are currently the two largest DeFi applications on TRON, representing over $6.5 billion in total value liquidity.
Based on current data from DeFi Llama, Chainlink holds the largest market share in the oracle industry with a total value secured of $26.17 billion. It ranks above competitors like WINkLink, Chronicle, and Pyth Network, which have a combined TVS of $18.4 billion.
According to the release, this partnership marks TRON’s participation in the Chainlink Scale program which it claims will “accelerate ecosystem growth and adoption.”
As part of the integration, TRON will temporarily cover certain operation costs associated with Chainlink Oracle networks, such as transaction gas fees, until those costs can be fully covered by DApp user fees.
Today’s announcement: @trondao has joined Chainlink Scale, adopting Chainlink Data Feeds as TRON’s official oracle. Once upgraded, $6.5B+ in DeFi TVL will be secured by @chainlink , creating opportunities for Chainlink and TRON’s $60B+ in stablecoins and RWA! pic.twitter.com/ArDkMysuMq
— H.E. Justin Sun🌞(hiring) (@justinsuntron) October 31, 2024
Community Spokesperson at TRON DAO, Sam Elfarra, said that TRON’s decision to join the Chainlink Scale program is meant to accelerate TRON’s DeFi economy by giving developers access to Chainlink’s data oracle solution.
“Chainlink’s unmatched security and reliability made it the clear choice as TRON’s official oracle provider. This integration enables us to focus on scaling our ecosystem and further driving mass adoption in the blockchain industry,” said Elfarra.
Head of Blockchain Partnerships at Chainlink Labs, Thodoris Karakostas, stated that Chainlink hopes to secure the foundation of the TRON DeFi economy by providing decentralized market data on-chain.
“Chainlink will further empower TRON ecosystem developers to build next-gen DeFi applications and advance the decentralized internet,” said Karakostas.
As an oracle solution provider, Chainlink has accumulated over $16 trillion in transaction value and delivered more than 15 billion verified messages on-chain across the blockchain ecosystem. Furthermore, Chainlink Data Feeds secures tens of billions in TVL for hundreds of DeFi protocol.