Huobi integrates Chainlink oracles to avail its API in smart contracts

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Jul 3, 2020
  • This integration is set to offer DeFi projects with accurate data to build various products.
  • The first batch of price pairs will include BTC/ETH and BTC/USDT among others.
  • Through this integration, Huobi will be able to sign its price data to ensure authenticity.

Huobi has integrated Chainlink oracles to help boost the DeFi sector. The exchange unveiled this news via a blog post on July 3, noting that this joint venture will see it use Chainlink’s external adapters to make the Huobi API available for smart contracts. In so doing, the exchange will let developers access price data from Huobi Global. Per the publication, the first batch of price pairs will include BTC/ETH, BTC/USDT, ETH/USDT, and LINK/ETH. The exchange added that it aims to introduce more pairs once the initiative is up and running.

According to the blog post, this integration will also see Huobi become the first crypto exchange to run a Chainlink node. Huobi Wallet has vast experience in operating PoS nodes. Through this experience, the exchange has reportedly secured more than £8.02 million for projects such as ATOM, Ontology, and LOOM. As such, the Chainlink Network is set to benefit from this integration in that Huobi will further decentralize the number of nodes that are available to run oracle data services.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Speaking about this bullish move, Sergey Nazarov, Chainlink’s co-founder said,

“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.”

This integration is set to benefit the DeFi space

Per Huobi, this multifaceted integration is poised to bring numerous perks to the DeFi sector. For instance, creating an external adapter for the Huobi Global Exchange API will let Chainlink nodes use it in their node setup to offer access to the exchange’s price data. As a result, a broad range of DeFi projects will gain access to the exchange’s price data as well. Through this reliable data, the DeFi projects will have what it takes to build products for sectors such as lending, borrowing, and derivatives among others.

By running a Chainlink node, Huobi will be able to sign its own price data. As such, the exchange will introduce more guarantees to its integrity. In turn, DeFi projects will be assured that the price data they receive is authentic and that it is coming directly from the source.

Commenting on this integration, Huobi Wallet’s CEO, Will Huang said,

“DeFi offers a unique value proposition of providing financial products that are transparent, open, and programmable. We are very excited to accelerate our involvement in this emerging trend by providing Chainlink users access to Huobi Global exchange data, as well as running our own Chainlink Node. We want to accelerate the growth of DeFi, and we feel that supporting Chainlink’s critical oracle services are key to enabling DeFi to take the next step in its evolution.”

Do you think Huobi’s integration of Chainlink’s oracles will help boost the growth of the DeFi sector? Share your thoughts in the comment section below.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money