The Chainlink Price Feeds integration supports the expansion and security of the Metis DeFi ecosystem. Elena Sinelnikova, co-founder and CEO of Metis, comments that with this integration, the Blockchain “is poised to help accelerate DeFi adoption and enable innovative new use cases.”
Metis Andromeda is a layer 2 Blockchain built on top of Ethereum, with smart contracts fully compatible with the Ethereum Virtual Machine (EVM).
Since August 2022, the Metis Blockchain has been integrated with Chainlink, with the purpose of supporting the expansion and security of its DeFi ecosystem.
In their press release, they highlight that the implementation will deliver the decentralized infrastructure necessary to create increasingly sophisticated and profitable applications.
Positive Vibes from Chainlink
Since each Price Feed is secured by a decentralized network of independent and peer-reviewed nodes, Chainlink is considered the most important decentralized oracle in the crypto ecosystem.
It is important to note that oracles —especially decentralized ones— that operate as a bridge between the Blockchain and real-world information.
Santiago Ríos Maderna, Chainlink Community Advocate in Argentina for Latin America, has an analogy to imaginatively describe oracles. According to him, “Just as in Ancient Greece oracles were the connection between gods and mortals, in Web3 they are the bridge between the Blockchain and the real world.”
Niki Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs, celebrates the news:
“We are pleased to support the Metis ecosystem with native Chainlink Price Feeds integration, allowing developers to build scalable DeFi platforms on top of Ethereum. With high-quality, hyper-trusted and decentralized market data accessible, developers can build more advanced dApps that offer users a superior experience.”
The Metis Ecosystem
As of mid-2022, the Metis DeFi ecosystem has already seen some interesting growth. In its network there are already operating protocols such as Beefy Finance, Pickle Finance and Synapse Network
Now, with the integration of Chainlink Price Feeds, they will be able to boost it even more, as both developers and Decentralized Autonomous Companies (DAC) – a concept managed fromy Metis – will be able to create feature-rich, profitable DeFi applications with high transaction speeds and low costs.
Elena Sinelnikova, co-founder and CEO of Metis, elaborates on this by stating that, “Chainlink Price Feeds will accelerate innovation in the Metis ecosystem, allowing DeFi applications to support advanced functionalities that improve the user experience. Given the demand for more affordable and faster Web3 applications, our scalable Layer 2 solution, in combination with Chainlink Price Feeds, is poised to help accelerate DeFi adoption and enable innovative new use cases.”
Led by the Metis DAO, the Metis Andromeda Blockchain has a number of unique capabilities, such as a Peer-to-Peer (P2P) sequencer layer. With this, the projects and sub-communities in Andromeda take advantage of this layer two to bring their vision of Web3 to life.
It is worth remembering that the oracles helped bring to life many of the fundamental philosophies underlying Web 3.0, such as transparency, decentralization, among others. Despite this, the oracles are not free of being hacked or corrupted, so the best course of action is to do your own research before venturing.
By Audy Castaneda