Synthetix to add Chainlink when v3 exchange launches on Arbitrum

Alex O’Donnell4 hours agoSynthetix to add Chainlink when v3 exchange launches on ArbitrumIt could be followed with deployments on Optimism and Base.511 Total views21 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onDerivatives protocol Synthetix will add Chainlink Data Streams to its upcoming v3 deployment on the Arbitrum network after its governing council voted unanimously in favor of the integration, according to a post by Chainlink on the X platform. 

Chainlink’s Data Streams are so-called “pull-based” oracles designed to deliver verified onchain data at a higher frequency and with lower latency than conventional “push-based” solutions. That is especially valuable for decentralized derivatives exchanges such as Synthetix, which require real-time access to market data to facilitate trades.“Pull-based” oracles are designed to deliver data with lower latency than conventional solutions. Source: Chainlink

“Data Streams significantly [enhance] the performance, security, and reliability of markets on the Synthetix protocol,” Chainlink said.

Synthetix is seeking to close the usability gap between centralized and decentralized exchanges with its Synthetix v3 protocol, which aims to “become a permissionless derivatives liquidity platform for the next generation of on-chain financial products,” Synthetix said in a blog post.

In July, Chainlink executive Raoul Schipper submitted a proposal to Synthetix governing body — the “Spartan Council” — advocating for the integration when v3 is deployed an Arbitrum, an Ethereum layer-2. It was approved on Aug. 9.

Related:Chainlink data streams go live on Avalanche Network

According to the proposal, pending live performance metrics from the Arbitrum implementation, “Synthetix’s usage of Data Streams could be extended to cover additional feeds and markets deployed on alternative networks such as Optimism and Base.”

In June, Chainlink launched Data Streams with another derivatives trading protocol on the Avalanche network.

Chainlink has been expanding aggressively in 2024. In May, the oracle provider announced an integration with Celo to provide users of the Ethereum layer-2 network with Chainlink’s CCIP Interoperability Protocol.

More recently, Chainlink’s Automation features and CCIP protocol went live on the Gnosis network, allowing users to offload heavy computing tasks to the Chainlink network, potentially reducing gas fees by up to 90%.

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