Plasma taps into Chainlink as official oracle provider

Plasma, a high-performance layer-1 blockchain for stablecoins, has integrated with Chainlink as it looks to tap into the oracle platform’s solutions to scale applications on its network.

Plasma has picked Chainlink as its official oracle provider, the platform announced on Oct. 3, as the stablecoin network joins Chainlink Scale.

According to a press release, the team plans to leverage the oracle solutions and infrastructure accessible via this collaboration to spark further growth. 

Selecting Chainlink (LINK) as its oracle provider means developers will have access to solutions such as Cross-Chain Interoperability Protocol, Data Streams, and Data Feeds, with these live and accessible to developers from day one.

Aave integration

Adoption of Chainlink services is key to bringing more integrations to Plasma’s network, which already supports Ethereum’s leading decentralized finance protocol Aave. The Aave platform has attracted more than $6.2 billion in deposits since going live, with CCIP and Data Feeds helping to power this traction.

“By adopting the Chainlink standard and joining the Chainlink Scale program, Plasma is demonstrating how new layer 1 networks can launch with enterprise-grade stablecoin infrastructure from day one,” said Johann Eid, chief business officer at Chainlink Labs.

CCIP, Data Streams, and Data Feeds, as well as the Aave integration, add to Plasma’s ecosystem, with deep stablecoin liquidity key. The move will boost the platform’s quest to become a leading network for stablecoins and on-chain payments, Eid added.

With more than $5.5 billion in stablecoin supply, Plasma is rapidly expanding, and hits the key milestone just days after its mainnet launch.

Plasma joins growing list Chainlink partners

Chainlink’s growing adoption across the DeFi ecosystem continues, with the platform recently surpassing $100 billion in total value secured.

The top oracle provider’s stack cuts across key ecosystem features and functionalities like data feeds, interoperability, and compliance.

Growth has pushed some of the world’s largest infrastructure providers and financial institutions to integrate with Chainlink. These include SWIFT, UBS, Euroclear, Mastercard, and Fidelity International. DeFi and crypto platforms already tapping into Chainlink include Aave, GMX, and Lido.