GSR joins hands with Chainlink for price data integration for smart contracts

Cryptocurrency market-making company GSR has joined hands with the Ethereum based decentralized oracle network (DON) Chainlink, which integrated real-world assets into DeFi, to contribute price data to DONs that could be used within the DeFi and smart contract implementations. The move clearly shows that the blockchain industry is continuously growing to improve interoperability and cross-platform capabilities.

In an announcement, the co-founder of Chainlink, Sergey Nazarov explained how “high-quality market data” is important for the growth of the multi-chain ecosystem. 

Crypto market maker @GSR_io is now supplying premium market analytics & price data to #Chainlink Price Feeds on high-throughput chains.

GSR & Chainlink Labs are collaborating on novel data products to further unlock DeFi’s potential.

Learn more➡️https://t.co/JSdQZGKEB2 pic.twitter.com/9AjNGz7vEt

— Chainlink (@chainlink) March 10, 2022

According to Nazarov, GSR launching its data service will enable the firm to access the ever-growing blockchain economy and assist in the innovation of smart contracts.

GSR and Chainlink to work together

To be precise, by leveraging Chainlink, GSR can now: 

• Contribute highly sophisticated asset pricing data to Chainlink DONs to create tamper-resistant oracle reports.
• Offer its reference price data for more than 100 crypto spot markets directly on-chain for instance use in DeFi and smart contract applications.
• Create innovative data products for DeFi in collaboration with Chainlink Labs.

The GSR’s advanced analytics would help developers to support a wide range of smart contract user cases that work under the aggregation of data sources for crypto market data. This in turn includes options and futures products, algorithmic stablecoins, yield products, yield farms, prediction markets, and more.

According to Francisco Lopez, a GSR executive, the partnership with Chainlink Labs will enable GSR to accelerate the adoption of “trust-minimized financial data products.” GSR will have a “future-proof bridge” that connects data to the blockchain, according to Lopez, as Chainlink is “blockchain-agnostic.”

In October last year, Chainlink’s founder said that DeFi and Oracle have the capability to fight against the climate change issue. A few weeks back, climate-focused project Hyphen integrated it to track and verify greenhouse gas data along with holding firms accountable for their corresponding environmental impact reports.