Harmony Integrates Chainlink and Announces Grants for Chainlink-based Apps Built on Harmony
Dedicating a portion of the $7M in grants for Chainlink based applications on Harmony focused on DeFi and Cross-Border Finance Applications
We're excited to announce that Chainlink's decentralized oracle will be launching on Harmony. This integration will provide off-chain data resources via Chainlink oracles to users of Harmony, giving developers price feeds and other off-chain data to use in their applications. This move is critical, especially as Harmony draws more of its attention to DeFi applications and cross-border finance.
Why do we need an Oracle?Let's say you want to send money from the US to India. Here's what you would do:
Buy USD stablecoins on Harmony via an on-ramp
Send these stablecoins to your relative in India
Relative receives stablecoins in a few seconds and wants to convert them to Indian Rupees.
An off-ramp liquidity partner will need a reliable and trustless price feed containing the exchange rate information for the Harmony stablecoin-INR pair. And this is where Chainlink's oracle will play a crucial role.
We can imagine several such cross-border finance use cases that would need access to reliable and trustless price feeds of off-chain data. This is where Chainlink becomes a strong pillar for value transfer over Harmony.
There are many use-cases that require off-chain data and we want to encourage developers on Harmony to be creative. That's why we are bootstrapping growth via our $7m USD Grant Program!
"Increasing utility and decentralization is critical for our long-term success. This integration with Chainlink is key in that journey and we're so excited to see developers exercise creativity to build DeFi and cross-border finance on Harmony with Chainlink. My vision is to fund hundreds of projects with our generous $7m USD Grant Program."What Chainlink Features are Available to Harmony Developers?
- Stephen Tse, Co-Founder, Harmony
- Chainlink Price Reference Data — Chainlink already has 30+ decentralized price oracles in production that serve as reliable price feeds for cryptocurrencies, FX rates, commodities, indices, and more. Developers can leverage these existing price oracles or use that framework to quickly launch new ones such as the Harmony stablecoin-INR pair mentioned above.
- External Adapters — Developers can write Chainlink external adapters to connect to any credentialed off-chain API in order to obtain data from premium data providers, web APIs, enterprise systems, IoT devices, payment systems, other blockchains, and more.
- Chainlink Nodes — There are already 30+ security reviewed Chainlink node operators (oracles) that developers can incorporate within decentralized oracle networks, as well as almost 100 community nodes available on https://market.link/.
Here's an example of a price feed provided by Chainlink — $ONE to USDT.
These are just some of the many great Chainlink features available to Harmony developers that allow them to expand the capabilities of Harmony applications to interact with the outside world. Check out the Chainlink documentation to start deploying test contracts and building live applications today.$7 Million Dollar Grant Program
We will be awarding grants for applications that utilize Chainlink on Harmony as part of our $7m grant program for fintech applications.
Become ONE with HarmonyDevelopers can build on Harmony today, a fast and open blockchain for decentralized applications, suited to handle DeFi and cross-border finance. Harmony Mainnet supports state sharding with instant finality. Our staking mechanism reduces centralization while supporting delegation and slashing.
If you're a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.