By Solomon Odunayo
Totle, a Decentralized Exchange (DEX) aggregator that monitors the liquidity of 15 DEXs and synthetic asset providers, has excitedly announced its integration with Chainlink, the market-leading decentralized oracle network, to leverage its external adapter technology.
According to the report, Totle’s aggregated data API will become accessible to Dapps via Chainlink oracles. Dapps can query Chainlink to earn access to the DEX space and use it to execute smart contracts.
Afterward, it will compare prices across exchanges to open users to a reliable way of accessing deep liquidity for DeFi assets at the best market prices.
Anytime a user makes a trade order, Totle calculates the best possible combination of decentralized exchange (DEX) transactions that maximize the profit of the user.
In other words, Totle is specifically positioned to cover macro-level activity within the nascent decentralized finance (DeFi) ecosystem.
How Chainlink Will Aid Totle in its Services
Through the use of External Adapters, Chainlink nodes will get the capability to relay Totle’s API data to smart contracts on several blockchain environments.
As the traditional activity on decentralized exchanges increases, DEX data is also becoming more important to the execution of financial smart contracts.
Chainlink, via its official Twitter handle, hinted at the new development as follows:
“Totle is integrating w/ Chainlink to make its Aggregated DEX Data available to smart contracts. Dapps can query Chainlink nodes to gain deep insights into the DEX space & use it in the execution of DeFi applications such as DEX-based derivatives.”
.@TotleCrypto is integrating w/ Chainlink to make its Aggregated DEX Data available to smart contracts. Dapps can query Chainlink nodes to gain deep insights into the #DEX space & use it in the execution of #DeFi applications such as DEX-based derivatives. https://t.co/KtAoBq8sUL
— Chainlink – Official Channel (@chainlink) May 5, 2020
Also, the founder of Totle, David Bleznak, while reacting to the integration said:
“David Bleznak, Founder of Totle, noted that “Chainlink’s role of securely sourcing and delivering data to smart contracts is crucial to the success of the DeFi ecosystem.
“A critical component of Chainlink’s process is being able to leverage high-quality data providers that have robust market coverage and accurate price calculations.
We’re thrilled to integrate with Chainlink to make our high-quality DEX data readily available to market participants, further expanding the number of use cases possible in DeFi.”