Chainlink Unveils Data Streams on Avalanche Network to Enhance Data Handling for Decentralized Applications

Chainlink has introduced an innovative product dubbed Data Streams on the Avalanche Network in partnership with GMX, a perpetual futures trading platform. This new product aims to revolutionize data handling for decentralized applications like GMX.

Chainlink has introduced a new product called Data Streams on the Avalanche Network in partnership with GMX, a perpetual futures trading platform.

The product aims to revolutionize data handling for decentralized applications like GMX.

With Chainlink Data Streams, GMX will be able to provide real-time, high-frequency market data that is essential for its decentralized futures exchange.

Chainlink Data Streams introduces a “pull-based” model, which differs from its traditional “push-based” oracle systems.

With push-based oracles, data is routinely updated onchain at set intervals or when specific parameters are met.

In contrast, the Data Streams product employs a “pull-based” model that retrieves offchain market data on demand with minimal latency.

Traditional push-based oracles are well-suited for a wide range of applications, but they can be less efficient in scenarios that require rapid data updates.

For example, in the case of GMX, where traders need instant access to raw, high-frequency price data, the pull-based model of Data Streams ensures that data is verified onchain only when necessary, such as during the execution of a trade.

The pull-based approach is particularly beneficial for platforms like GMX, where traders require instant access to raw, high-frequency price data.

The new model not only enhances the speed and efficiency of data retrieval but also maintains the high-security standards essential for onchain finance.

According to Johann Eid, Chief Business Officer at Chainlink Labs, “Data Streams is a game-changer for DeFi protocols that require ultra-fast, high-throughput DeFi products with the strong security guarantees of onchain finance, offering unmatched speed and resilience.”

The deployment of Data Streams on the Avalanche Network is part of Chainlink’s broader strategy to expand its product offerings across the blockchain landscape in 2024.

Earlier this year, Chainlink announced an integration with Celo to provide the Ethereum layer-2 network with its CCIP Interoperability Protocol.

Additionally, Chainlink’s Automation features and CCIP protocol were launched on the Gnosis network, enabling users to offload heavy computing tasks to the Chainlink network, potentially reducing gas fees by up to 90%.

Chainlink is also making strides in asset tokenization. A notable partnership with Arta TechFin, a Hong Kong-based asset management firm, was announced to tokenize real estate, a traditionally illiquid asset class. The partnership will lower transaction costs and unlock liquidity, making commercial real estate investment accessible to a broader range of investors.

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