Chainlink Integrates Data Feeds and Proof of Reserve on Hedera Network
The Hedera network, a prominent layer one blockchain supported by global companies, has integrated the Chainlink standard to advance its Web3 democratization efforts. The official announcement states that Chainlink Data Feeds and Chainlink Proof of Reserve are now operational on the Hedera network.
This integration allows DeFi developers on Hedera to access reliable data, enhancing the functionality of their protocols. Hedera is rapidly evolving into a significant platform for real-world asset (RWA) tokenization and DeFi applications.
In October, the HBAR Foundation became part of the Chainlink Scale program, initiating the collaboration.
“We’re excited to deepen our integration with the Chainlink standard by adopting Chainlink Data Feeds and Proof of Reserve on Hedera. This availability will provide our developer ecosystem with high-quality, tamper-proof data essential for secure DeFi applications and scalable tokenized assets,” stated Elaine Song, VP of Strategy at The HBAR Foundation.
Impact of Chainlink Standard on Hedera Ecosystem
The Hedera ecosystem has recently grown to over $178 million in total value locked (TVL) and more than $26 million in stablecoin market cap. Institutional investment has increased, driven by a growing list of governing council members.
The decision to integrate with Chainlink stems from its established reputation as a dependable oracle data source for scalable DeFi projects. Chainlink Data Feeds are secured by independent oracle node operators, enhancing reliability.
The Hedera DeFi ecosystem will also gain from Chainlink proof of reserve, which offers real-time data verification for tokenized assets.
Market Picture
The integration of Chainlink Standard is expected to significantly influence the native tokens within the Hedera ecosystem. The adoption of smart contracts is still in its early phases, with billions of users anticipated to engage with blockchain technology in future years.
Current market data shows that Chainlink's price has risen over 3 percent, trading around $30. With a fully diluted valuation of approximately $29 billion and an average daily trading volume of about $3.2 billion, Chainlink appears to be entering a macro bull run driven by strong fundamentals.
Conversely, Hedera’s HBAR is nearing its all-time high, with market anticipation suggesting a potential parabolic phase. HBAR has surged 237 percent in the last 30 days, trading at roughly $0.28, with a fully diluted valuation of about $14 billion and a daily average trading volume around $1 billion.