Chainlink, the Oracle network, has launched its Data Streams product on the Avalanche network. GMX, a decentralized perpetual futures trading platform, is the first to utilize the real-world market data provided by Data Streams for its perpetual futures protocol.
The Data Streams product from Chainlink operates differently from its traditional “push-based” oracles. Instead of obtaining and verifying data onchain at regular intervals or when specific thresholds are met, Data Streams uses a “pull-based” oracle model. This model retrieves offchain market data on demand with low latency.
This pull-based approach is particularly beneficial for platforms like GMX, where traders require access to raw, high-frequency price data in real time. They cannot afford to wait for onchain verification each time the data is needed.
While Data Streams still ensures onchain verification, it only does so when necessary, such as during the execution of a trade.
In the wake of the deployment of Chainlink’s Data Streams on the Avalanche network, Johann Eid, the chief business officer at Chainlink Labs, expressed his satisfaction with the development.
Chainlink has been actively expanding its product offerings across the blockchain landscape. In May, the oracle provider announced its integration with Celo to provide users of the Ethereum layer-2 network with Chainlink’s CCIP Interoperability Protocol.
More recently, Chainlink’s Automation features and CCIP protocol went live on the Gnosis network. This allows users to offload heavy computing tasks to the Chainlink network, potentially reducing gas fees by up to 90%.
In early 2024, Chainlink also announced a partnership with Arta TechFin, an asset management firm based in Hong Kong, to tokenize real estate. Tokenization of real estate has the potential to revolutionize the buying and selling process, significantly reducing transaction costs and unlocking liquidity in these traditionally illiquid assets.
According to Kunal Bhasin from KPMG Canada, these efficiencies are appealing to both institutional and individual investors. Additionally, tokenization of real estate could democratize the commercial real estate sector, allowing smaller players to participate in an industry previously dominated by larger investors.
In conclusion, Chainlink’s expansion and deployment of its various products highlight the company’s commitment to revolutionizing the blockchain industry and providing innovative solutions to its users.