Leading bitcoin futures exchange, Bybit has announced that it is integrating Chainlinks price feeds to its platform.
Chainlink is the number one provider of reliable data in the markets because it is a blockchain that provides oracles to decentralized finance protocols. Furthermore, the integration of Chainlinks Price Reference Data means that traders would be readily offered additional price data and indexes apart from the Bybit platform’s feeds.
These price feeds will be most useful during extremely volatile times as traders would e able to access price data of the tokens in the DeFi markets. The price data could also serve as a useful alternative index.
Bybit will launch the integration with six new pairs of price feeds
One of the major benefits of using an alternative price index apart from that of the exchange’s independent feed is that traders can access various data points.
“These Chainlink-powered decentralized price feeds are the most referenced data points in the DeFi market, currently securing over $3B in user funds for many of the leading DeFi applications,” Bybit said. To kickstart the integration, Bybit will begin with the integration of seven trading pairs.
The first pairs added from the Chainlink price feed will be BTC/USD, ETH/USD, XRP/USD, and EOS/USD.
“The initial integration of Chainlink price feeds is live for the following markets: BTC/USD, ETH/USD, XRP/USD, EOS/USD, LTC/USD, XTZ/USD, and LINK/USD. This gives our traders secure, reliable, and transparent price indexes that are completely separate from Bybit’s internal operations,” the exchange said.
In its statement, Bybit noted that the integration would allow traders to access more resources by accessing price reference data from the DeFi market. “By integrating Chainlink, we can provide an accurate source of price data that is highly decentralized and transparent, expanding the amount of resources our traders have access to,” he said.
LINK continues to dominate the market data and oracle market
All this boils down to decentralized finance’s resurgence as Chainlinks market capitalization has seen a massive increase. Since July, LINK, the native token of the chainlink blockchain, experienced a rapid surge as it moved from $4.7 to $12, seeing a growth of more than two folds.
Experts and analysts alike have noted that LINK has experienced a market sentiment in the past few weeks. Around October 23, LINKs price saw a massive 12.5% increase after whales, and large scale investors began to accumulate the digital asset.
Since then, the top coins, according to market capitalization, has remained on the rise. Santiment, in its review, said that Chainlinks price could gather that much as a result of the influence of Whales in the market.
“LINK’s price is +12.5% thus far today, and it comes following its top 10 non-exchange whales hitting their highest total holdings since July 1, 2019. The 648.6M #Chainlink tokens being held in non-exchange wallets suggests ever-increasing confidence,” Santiment said.