Key Notes

• Hedera network has registered significant growth in its TVL amid the mainstream adoption of web3 technology.
• The integration of Hedera and Chainlink will have a long-term positive impact in the long term.

Hedera network, a top-tier layer one blockchain backed by reputable global companies, has announced the official integration with the Chainlink standard to enhance its web3 democratization agenda. According to the announcement, the Chainlink Data Feeds and Chainlink Proof of Reserve are now live on the Hedera network.

As a result, DeFi developers on the Hedera network can access high-quality data to ensure reliable services on their protocols. Furthermore, the Hedera network is fast-growing into a major blockchain for real-world assets (RWA) tokenization and DeFi applications.

In October, the HBAR Foundation joined the Chainlink Scale program, which marked the first step in the collaboration process.

”We’re excited to deepen our integration with the Chainlink standard by adopting Chainlink Data Feeds and Proof of Reserve on Hedera. By making the Chainlink standard available to our developer ecosystem, we can enable increased access to high-quality, tamper-proof data backed by decentralized infrastructure, which is mission-critical for building secure DeFi applications and scalable tokenized assets,” Elaine Song, VP of Strategy at The HBAR Foundation, noted.

Impact of Chainlink Standard on Hedera Ecosystem

The Hedera ecosystem has grown in recent months to more than $178 million in total value locked (TVL) and over $26 million in the stablecoins market cap. The Hedera network has attracted notable investment from institutional investors, led by its growing list of governing council members.

The integration with Chainlink was majorly informed by the fact that the network has gained reputation over the past years as a reliable source of oracle data to build scalable DeFi projects. Moreover, Chainlink Data Feeds are secured by independent oracle node operators.

The Hedera DeFi ecosystem will also significantly benefit from the Chainlink proof of reserve, which provides real-time data verification for tokenized assets.

Market Picture

The strategic integration of Chainlink Standard on the Hedera ecosystem will have a long-lasting impact on the respective native tokens. Moreover, the mainstream adoption of smart contracts is in the early stages, with billions of users expected to eventually use the blockchain technology in the coming years.

According to the latest market data, Chainlink LINK $29.48 24h volatility: 2.0% Market cap: $18.47 B Vol. 24h: $3.36 B price rallied more than 3 percent to trade about $30 at the time of this writing. The large-cap altcoin, with a fully diluted valuation of about $29 billion and daily average traded volume of about $3.2 billion, has already confirmed the onset of the macro bull run fueled by robust fundamentals.

Hedera’s HBAR $0.29 24h volatility: 2.0% Market cap: $10.95 B Vol. 24h: $1.00 B , on the other hand, is approaching its all-time high as market anticipation builds for a potential parabolic phase. The large-cap altcoin, with a fully diluted valuation of about $14 billion and daily average traded volume of around $1 billion, has surged 237 percent in the last 30 days to trade at approximately $0.28 at the time of this writing.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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