Synthetix, a platform that enables the creation of on-chain synthetic assets (Synths) on Ethereum, announced today that its integration with oracle service Chainlink is now live.
The integration provides decentralized price feeds for a select group of Synthetix’s FX and commodity Synths. The following assets have been chosen for the initial deployment:
AUD/USD (sAUD — Australian Dollar)
EUR/USD (sEUR — Euro)
CHF/USD (sCHF — Swiss Franc)
GBP/USD (sGBP — Pound Sterling)
JPY/USD (sJPY — Japanese Yen)
XAU/USD (sXAU — Gold per ounce)
XAG/USD (sXAG — Silver per ounce) – Reference Data Example
Decentralizing these price feeds allows traders on Synthetix.Exchange to gain exposure to more traditional assets on-chain, while remaining in full custody of their funds.
“Given our reliance on regular price feeds for our derivatives trading mechanism, finding a robust decentralized oracle solution has always been at the top of our priority list. Chainlink delivers the solution, deployed by an excellent team and supported by an invaluable community.”
– Synthetix founder, Kain Warwick
Once these live assets have been proven to work successfully with Chainlink’s inputs, Synthetix and Chainlink will look to integrate another wave of synthetic assets, including cryptocurrencies and indices.
“We are very excited to work closely with Synthetix to help further decentralize their platform using provably secure data oracles. This integration is an evolution in DeFi applications, which showcases how decentralized financial products can maintain end-to-end security via reliable oracles and tamperproof data feeds. Decentralizing maintenance of data feeds is one of the next leaps for DeFi, and we are thrilled about being part of helping add this additional level of decentralization to a market-leading decentralized application like Synthetix.”
– Chainlink Co-Founder, Sergey Nazarov