- Tron switches to Chainlink for DeFi data feeds, impacting $6.5B in total value locked.
- Chainlink integration boosts Tron’s DeFi, with initial costs covered by Tron DAO.
- Tron’s memecoin launchpad SunPump drives revenue to $151.2M, up 30% in Q3.
Tron DAO has swapped its Oracle provider for Chainlink, replacing Winklink, a step to improve data accuracy and security within the decentralized finance (DeFi) ecosystem. Tron’s DeFi applications, including JustLend and JustStable combined, have a TVL of over $6.5 billion, and this transition leads to this change.
Tron attempts to improve the reliability of its pricing data by integrating Chainlink technology in its ecosystem for more reliable pricing data, thus widening its foothold in the DeFi sector.
Tron’s collaboration with Chainlink also involves participation in the Chainlink SCALE program, designed to accelerate growth within Tron’s ecosystem. Initially, Tron will cover certain operational costs, such as gas fees for Chainlink’s oracle networks, before shifting these expenses to decentralized application (DApp) user fees.
Oracle Technology to Boost Tron’s DeFi Capabilities
Tron developers integrate Chainlink’s decentralized oracle technology to let them access real-time data and build trustworthy DeFi applications. Chainlink’s oracles are considered secure and reliable, keeping billions of dollars of transactions on and off the blockchain safe.
According to Tron founder Justin Sun, this collaboration has the potential to open new doors for Chainlink, Tron-based stablecoins, and real-world assets (RWA). By joining the Chainlink SCALE program, Tron also aims to attract developers looking to enable secure and accessible financial applications on the blockchain.
Tron’s Revenue Boosted by Growing Memecoin Activity
Its growing memecoin contribution considerably strengthens the growing DeFi ecosystem. SunPump, Tron’s memecoin launchpad, plays a part in boosting Tron’s quarterly revenue to $1512 million in the third quarter, up 30% from the previous. DeFi’s activity on the Tron network nearly increased by over 487% during Q3 as SunPump’s activity increased.
Between August 12 and September 30, SunPump facilitated the launch of over 89,000 tokens, highlighting its role within Tron’s ecosystem. While the token launch rate slowed slightly in September, the memecoin launchpad is crucial in Tron’s DeFi expansion, driving transaction growth across the network.
Decentralized Internet Gains Momentum
The Tron partnership with Chainlink follows Tron’s original vision to build a decentralized internet focusing on self-custodial services. The Tron network has already created many accounts (over 265 million) and made over 8 billion transactions; it is growing its user base and transaction volume. Their support for Chainlink Oracle integration supports Tron’s commitment to getting secure and decentralized applications in this vision.
Tron uses the Chainlink SCALE program to make blockchain technology more accessible and reliable. But this partnership not only bolsters the Trons DeFi ecosystem but also puts it on the map of the world blockchain space as a significant player in decentralized finance and secure real-time data.
The post Chainlink Becomes Tron’s New Oracle Provider To Power DeFi Growth appeared first on Crypto News Land.
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