By Nathan Ferguson
Although blockchain technology has done many innovations in its technical field, still it cannot offer market data by itself. To resolve this issue, Galaxy Digital – a digital property management organization – has cooperated with Chainlink (a provider of blockchain oracles).
Galaxy Digital Intends to Collaborate with Chainlink to Offer Market Data to Blockchains
Galaxy Digital has declared in an interview that it will work as a bridge between market and blockchain, by providing crypto valuation information to Chainlink. The organization claims that the provided data will enable the developers of smart contracts to structure advanced decentralized applications (DApps).
Zane Glauber – the head of Galaxy Digital’s strategic opportunities – stated in an interview that, this collaboration between the two organizations will improve the working of the blockchain ecosystem.
He added that the blockchain can never be aware of extraneous information, so Galaxy is a medium to locate digital assets which can be invested in their traditional financial department which always remained the invariant part of their current economic system. Glauber stated that decentralized finance as well as the DApps need market pricing data to be inserted in the smart contracts.
The development of these upcoming products will ensure the growth of total worth to be locked on the DeFi applications. This will improve the crypto ecosystem of the blockchain.
The executive of Chainlink moved on to disclose something about the recent action taken on the behalf of Galaxy. Yaser Jazouane asserted that precious data plays an extremely significant role to provide room for a lot of cases throughout the Decentralized Finance (DeFi) sector.
DeFi Sector Still Haunted by Hacks and Exploits
Excellent data about the market supports the financial system of DeFi. Decentralized Finance. This is considered to be an area that has infinite possibilities for improvement. Unfortunately, at the moment, this space is still haunted by the possibility of scams and hacks.
The latest event of exploitation has been witnessed recently. This has taken place due to a little deficiency in the security system of Profanity that led to an exploit.
Profanity is an entity that generates vanity wallet addresses. As a result of this hack, many of the wallets went through damage of approximately $3.3M value of crypto assets. Similarly, one other wallet address was targeted in an exploit just after a week, in which about $1M got lost.