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DeFi products get a boost as Chainlink launches OCR

TL;DR

TL;DR Breakdown

  • Chainlink officially launches its OCR upgrade.
  • The network upgrade will boost DeFi products.

DeFi products to get a boost from Chainlink’s upgrade

Chainlink has officially rolled out its OCR network upgrade, which imports 10 times more data than it previously did. The Off-Chain Reporting (OCR) upgrade to the network is meant to improve DeFi projects through an efficient on-chain data delivery.

Sergey Nazarov said that Chainlink supplied more data during the DeFi Summer when the Total Value Locked on decentralized finance platforms surged. He said that the reason for this is that many platforms depend on Chainlink’s data feed.

Although the platform is relatively new, it has established itself as an indispensable element of the ecosystem. In 2020, the network was named among the top 100 most promising technology pioneers. Nazarov noted that not less than 50% to 80% of DApps use the data supplied by Chainlink.

The OCR upgrade will benefit DeFi products 

The OCR upgrade is going to alter the way various data are collected from the Oracle network. Before now, gathering different values from a single input signal was ineffective because it occurred along the chain. Even though this method guarantees the credibility of data, it costs more gas to publish.

The OCR replaces the previous method with off-chain consensus circles. This in turn reduces the gas fees and sends the collected data to a smart contract for verification. Nazarov noted that the initiative by Chainlink is due to the increasing demand from customers.

Chainlink’s upgrade is, without doubt, going to draw the industry’s experts as the development is essential for the growth of DeFi-related projects. The native token of the network has also performed well this year. A good measure for the growth of a project is how well it serves its users. That is exactly what Chainlink has done: to serve its customers better through innovative technology.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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