- Chainlink Data Feeds are now live on Polygon zkEVM.
- The integration promises immense benefits for Polygon zkEVM’s DeFi ecosystem.
- The network has already experienced an uptick in DeFi activity in recent weeks.
The Beginning of the Next DeFi Wave on Polygon zkEVM
One of the main selling points of Chainlink Data Feeds is their reliance on a decentralized network of node operators. This decentralization allows Chainlink’s price oracles to be more downtime, flash crash, and flash loan resilient, boosting the overall security of protocols that rely on its price feeds.
In light of the increased security capabilities, several members of the Polygon community, including Polygon Labs CEO Marc Boiron, have tipped Chainlink Data Feeds to attract several leading DeFi protocols to Polygon zkEVM.
“This functionality is set to unlock the deployment of several significant DeFi protocols on Polygon zkEVM early next year,” Boiron stated, hinting at a pipeline of projects set to launch on the network to take advantage of the new Chainlink integration while remaining tight-lipped about the details.
Still, the benefits of Polygon zkEVM’s Chainlink integration are expected to go beyond just onboarding more DeFi protocols. In a Friday X post, Polygon co-founder Sandeep Nailwal suggested that with the adoption of Chainlink Data Feeds, developers were positioning the Polygon zkEVM for the expected wave of real-world asset tokenization.
“There are trillions of dollars that are poised to move onchain, and Chainlink’s CCIP will be the connection between the DeFi economy and the emerging bank blockchain ecosystem. CCIP is already being explored by some of the world’s largest financial institutions and market infrastructures like Swift, DTCC, ANZ, and more,” Naiwal wrote.
The recent Chainlink integration comes as the Polygon zkEVM network has seen an uptick in activity in recent weeks.
Polygon zkEVM DEX Volumes Peak
In November 2023, Polygon zkEVM DEX volumes reached $55.18 million, per data from Defi Llama, the highest monthly DEX volume for the network on record. The surge came amid a rush of activity on the network, which has now processed 8.59 million transactions in the nearly nine months since its launch in March 2023, per zkevm.polygonscan.com data.
Polygon zkEVM already hosts several DeFi protocols, including Quickswap, Balancer, and Clearpool. At the time of writing, L2Beat data shows that the network boasts a TVL of $117 million.
On the Flipside
- Chainlink Data Feeds are already live on other Ethereum Layer 2 chains like Arbitrum, Optimism, and Base.
Why This Matters
Chainlink Data Feeds help make price feeds on DeFi protocols more reliable and less susceptible to manipulation. The Data Feeds going live on Polygon zkEVM will likely bolster confidence in the network’s DeFi ecosystem while encouraging more projects to jump on board.
Read this for more on Polygon zkEVM:
What Is the Bridged USDC Standard on Polygon zkEVM?
Stay up to date on the issues surrounding the recent Ledger hack:
Tether Freezes Ledger Exploiter Loot in Wild 24 Hours for DeFi