ShapeShift DAO, a decentralized, non-custodial cryptocurrency platform, announced that it has received a price feed for FOX through Chainlink Data Feeds. This technology allows DeFi protocols that utilize Chainlink to access price data for ShapeShift’s FOX Token on-chain, an important milestone for the FOX token’s interoperability.
Chainlink’s Price Feed oracles are the most secure and widely used solution in DeFi, leading the blockchain industry with a value of over $75 billion smart contracts dependent on its feeds. Chainlink provides developers with an opportunity to further secure the smart contract ecosystem with decentralized data; reliable, reputable, and secure.
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Chainlink’s feed serves as a source of cryptographic truth for price data across the DeFi landscape, and ensures that the FOX Token is connected to a highly decentralized and reliable infrastructure, aligning with the ethos of the ShapeShift DAO.
“Chainlink price feeds are the most trusted source for price data by DeFi applications across chains. The launch of the FOX feed is a huge milestone and opens the door for the community to plug FOX into a vast number of DeFi protocols which currently require a Chainlink-powered price feed.,” says Willy Ogorzaly, the Foundation’s Head of Decentralization.
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Prior to Chainlink, the FOX Token had relied on a mixture of different oracle providers other than Chainlink price feeds for partner protocols such as Rari and ICHI. The deployment of FOX price feeds on Chainlink will provide a smoother and more secure decentralized source of price information for existing implementations and integrations moving forward.
In addition, Chainlink price and market feeds are a gateway to various DeFi opportunities. Protocols such as Aave and Compound require Chainlink price feeds for an asset to be considered on their platforms, as they use data feeds to ensure the total value of the collateral. This integration will unlock various lending and borrowing opportunities for the FOX Token as well as other use cases throughout DeFi.
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