Marinade is Sponsoring a mSOL/USD Chainlink Price Feed
Marinade.finance announced that it will be sponsoring a new mSOL/USD Chainlink Price Feed on the Solana blockchain.
DeFi projects in the Solana ecosystem will be able to use this Chainlink-powered decentralized oracle to access high-quality, tamper-proof price data directly on-chain regarding the USD price of mSOL — Marinade’s yield-generating, staked version of SOL.
As a result, developers will be able to seamlessly and securely add support for mSOL within their DeFi applications, allowing the Solana community to earn yield on SOL while interacting with various DeFi products and services. Ultimately, this will enable the Solana ecosystem and partner DeFi protocols to grow their TVL by supporting mSOL as a popular collateral asset, given its enhanced utility and yields. In fact, Marinade has already unlocked over $1.6B in liquidity for SOL stakers at the time of writing, making it one of the best ways to put your SOL to work on Solana.
“Chainlink Price Feeds already have an extensive history of helping secure some of the DeFi industry’s most widely used and high-value applications, making them a clear choice to help accelerate the adoption of mSOL throughout the Solana ecosystem,” stated Marco Broeken, BD/Infrastructure Lead at Marinade. “We recommend that all Solana developers add support for mSOL in their dApp to utilize Chainlink, as it will provide you with an ideal blend of high-quality data and robust infrastructure known for high uptime and tamper-resistance.”
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About Marinade
Marinade is the first and the biggest liquid staking provider on Solana. It is a non-custodial solution with an open delegation strategy, delegating the user stakes to over 400 validators outside of the top 20 security group. By doing this, Marinade directly helps to decentralize Solana by increasing Nakamoto coefficient. Throughout the last three months, its liquid staking derivative mSOL was integrated across most of the Solana ecosystem, manifesting the vision of capital efficiency of liquid staking.
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