Tezos Becomes Latest Blockchain to Tap Chainlink for Oracle Services
Pricing feed protocol Chainlink has integrated with yet another blockchain, this time Ethereum rival Tezos.
Announced Thursday, Chainlink’s decentralized pricing oracles will provide real-time data for Tezos community projects after teaming up with Smart Chain Arena and Cryptonomic, a pair of independent Tezos developers.
The integration means Tezos projects can pull from active pricing feeds for various assets to build out products, such as the bitcoin-based decentralized finance (DeFi) application recently created by the Bitcoin Association Switzerland.
Pricing oracles like Chainlink provide the infrastructure necessary for scaling digital-asset products, especially in the DeFi space. Digital assets are sold on various secondary markets, making price discovery inherently difficult.
Oracle solutions like Chainlink organize and vet price feeds from on- and off-chain sources to construct a reliable price average. The firm’s oracles have been integrated in various forms into Google, Oracle and SWIFT plus cryptocurrency projects such as bZx, Polkadot and crypto lending giant Celsius Network.
Smart Chain Arena and Cryptonomic are two firms in the greater Tezos ecosystem. The former firm produced the SmartPy language, which will be used for crafting the smart contracts necessary to deploy Chainlink’s oracles.
“We recommend Tezos developers use Chainlink when building smart contracts as Chainlink’s secure decentralized oracle network makes possible a plethora of new use cases across DeFi, Equities, Insurance, and much more,” Cryptonomic co-founder Vishakh said in a statement.
Nazarov said the undertaking is similar to making an entirely new blockchain itself.
“Oracles are like a big onion … [T]he more you dig into them the more layers of problems you discover. There’s a reason they don’t build it into a chain and there’s a reason they don’t encourage people to build their own,” Nazarov said. “It’s because the depth of the problem initially isn’t obvious.”
The integration was sponsored by a grant from the Tezos Foundation, according to a blog post from Cryptonomic. The Tezos Foundation did not return a request for comment by press time.
Author: Daniel Cawrey
ETH/USD: Venture capitalist named the coin that can overtake Ethereum from the second place
Co-founder of Framework Venture Mike Anderson believes that the price of LINK token may increase by 700% in May and push Ethereum from the second place in the global cryptocurrency rating.
LINK is a native token behind the Chainlink project, focused on creating a blockchain-based cross-platform solution for secure connection of smart contracts with the external data sources., such as data channels, APIs, etc. The project was launched in 2017, now its Ethereum-based token sits on the 13th place in the global cryptocurrency rating with the current market value of $1.3 billion.
Anderson is an early Chainlink investor. Speaking recently with Cointelegraph, he said that the price of the token can easily exceed $25. He says that Chainlink is an insurance policy for the whole DeFi (Decentralized Finance) sector.
I would put it on par with about the size of Ethereum. And I don’t think that that’s an unreasonable approximation because the way I see it, Chainlink is the insurance policy, the security model for providing robust, reliable data feeds for your decentralized bar contract.
Ethereum Bulls in Serious Trouble as Fractal Forecasts Lower Lows
- Ethereum saw a massive rejection from its overnight highs that led it to reel lower today, erasing part of the gains that were incurred during yesterday’s uptrend
- This has caused the crypto to flash signs of technical weakness, especially while looking towards its Bitcoin trading pair
- One analyst is also pointing to an extremely bearish XRP fractal pattern that ETH has been closely tracking as a potential reason why lower lows are imminent
Ethereum incurred a massive uptrend yesterday alongside Bitcoin and the aggregated crypto market, climbing from daily lows of under $200 to highs of $230 overnight.
This uptrend allowed it to erase a good bulk of its recent losses and has put it back into firm bull territory.
Despite this, the cryptocurrency’s technical situation is showing signs of growing incredibly weak, and some analysts are now looking towards a fractal pattern seen between ETH and XRP for insight into where the second largest crypto may trend next.
At the time of writing, Ethereum is trading up just over 2% at its current price of $212.60, marking a notable decline from daily highs of nearly $230 that were set late last night.
This upside movement came about in tandem with that seen by Bitcoin, with the benchmark cryptocurrency pushing as high as $9,500 overnight before losing its momentum and declining back into the upper-$8,000 region.
ETH is significantly underperforming BTC at the moment, trading down over 5% against its Bitcoin trading pair due to the heavy retrace seen in the time following yesterday’s downside movement.
It now appears that bears could be well positioned to push Ethereum even lower in the days and weeks ahead, as the crypto lost a key technical level that now opens the gates for a downside movement to its first key support.
One popular pseudonymous trader on Twitter spoke about the loss of this level in a recent tweet, offering a chart showing that ETH may retrace to 0.0235 BTC – down from its current price of 0.0241 BTC. If this near-term support is lost, it may continue declining to 0.021 BTC.
“ETH bulls don’t want to lose this level,” he warned.
Fractal patterns can be hit or miss – with some offering incredible insights into an asset’s future trend, while others are quickly invalidated.
There is one interesting Ethereum fractal, however, that has shown a striking similarity to previous price action seen by XRP.
Another pseudonymous trader offered this pattern in a tweet, explaining that it could signal that new lows within the sub-$100 region are imminent for ETH.
“Euphoric day for the bulls, but keep in mind, just because we’ve nearly fully retraced the dump, doesn’t mean the bottom is in and we’re headed for all-time highs. Fractal featuring XRP and ETH,” he said while pointing to the fractal seen below.
Featured image from Unplash.
Ethereum Retains 200-day Support as it Dips to $210
- Ethereum, at the time of penning down this analysis, was trading above $200 at $210 after plummeting from a 6-week resistance and intraday high at $227.07
- With the current dip, ETH coin lost 50-day daily support while still retains 200-day daily support at $201
- A further fall is not anticipated at present, yet as per the 20-day Bollinger Bands we project about the upcoming volatility as the bands widen
- However, a dip below $200 will lead to a bearish consolidation
Today, the crypto market is seen having amazing traction as Bitcoin hits a 2-month resistance above $9k and even above $9.2k with a notable growth of over 18% in a brief period of 24 hours. This has, undoubtedly, pumped a winning streak for the altcoins as well. The king of altcoins—Ethereum grew from yesterday’s opening price of $197.30 to the high at $227.53, marking a progression of 15%, just before the unanticipated fall.
On a half-hourly chart, ETH/USD experienced a volatile day today, until the time of writing against the US Dollar. The price of Ethereum dipped to $210.70 and slipped steeply below 38.20% Fib Retracement level from breaching above upper 20-day Bollinger Band.
Nonetheless, in the current trading hours, BTC also corrected below $9k after a brief height, but we believe that this is just a volatile hit, and it is likely to rebound soon.
The technicals are also drawing a bearish picture as the signal line crosses above the MACD line after the price of ETH coin slipped to $210, and the RSI lies at 39.56 after hitting the oversold region at 30.
Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
Author: Mehak Punjabi