The cryptocurrency wallet arm of major digital currency exchange, Huobi, has announced its recent partnership with Chainlink to improve the integrity and accuracy of price data in general. Following the development, the exchange will become the first of its kind to run a Chainlink node.
According to Huobi Wallet’s blog post, they will be making a two-phase integration with the largest oracle network provider. Besides operating a Chainlink node, the exchange will leverage on the external adapters from Chainlink to ensure its price feed will be accessible for smart contracts.
Following the support of Huobi’s API on the external adapters, developers can now be able to access its price data. Hence, Decentralized Finance (DeFi) platforms would equally make use of price data from the major digital currency exchange.
Ultimately, developers can rely on the price data to create several digital currency-related products for derivatives, borrowing, including lending platforms. Huobi mentioned that making its price date accessible for DeFi is part of it’s objective in supporting the emerging ecosystem, which already has a market capitalization of $2 billion.
DeFi platforms can access Huobi price data
In the second part, Huobi will be operating a Chainlink node, making it the first major exchange to do so. Reportedly, Huobi has secured more than $10 million while running PoS nodes. Thus, it will be operating the Chainlink node with extensive expertise, whilst decentralizing the nodes available on Chainlink’s oracle.
Chainlink’s co-founder, Sergey Nazarov, commented:
We’re excited to help Huobi make it’s exchange data available to the DeFi market, both by onboarding them as a Chainlink node operator and using Chainlink external adapters to make the Huobi exchange API accessible to smart contracts.