Obtaining accurate price data for various assets, commodities, and cryptocurrencies can be a painstaking address. ChainLink offers an elegant solution in the form of its decentralized oracles. The following feeds are just an example of what can be achieved by incorporating this technology.
Cryptocurrency Price Information
Accessing data pertaining to the cryptocurrency industry has become a lot easier in recent years. Numerous crypto data aggregators are trying to claim the top spot. As the world has seen with certain platforms, the data isn’t always accurate. Moreover, it also heavily depends on cooperation from exchanges and other trading providers, which isn’t an ideal situation.
Through ChainLink’s decentralized price reference data oracles, obtaining the correct prices is less of an issue. Although not all currencies are tracked at this time, the top pairs are all present. They include ETH/USD, BTC/USD, LINK/USD, and even the USD value of stablecoins.
Several pairs tied to Ethereum can also be found here. To be expected, as ChainLink is built on top of Ethereum. Knowing the values of independent coins, expressed in ETH is valuable to a lot of traders. Moreover, it can help track the performance of certain assets against Ethereum as well. These statistics can be crucial for dApps, DEXes, and so forth.
Foreign Exchange Rates
Underpinning relations between the different fiat currencies have proven to be extremely volatile in the first half of 2020. This can be partially attributed to an underperforming US Dollar, as well as a weakening Euro and Japanese Yen. Trade tensions between the US and China will not help matters much in this regard.
Having access to up-to-date foreign exchange rates is becoming all the more important. Chainlink can certainly be of help in this aspect as well. Current price data oracles exist for AUD/USD, EUR/USD, CHF/USD, GBP/USD, and JPY/USD. It is possible that more pairs will be added in the future, assuming there is a demand for these types of services.
Precious Metal Pricing
Given the popularity of precious metals in 2020, there have been a fair few price fluctuations. Gold and silver are showing incredibly bullish trends, but they do face some pushback every now and then. The decentralized price reference data provided by Chainlink oracles will keep watchers, speculators , and traders apprised of the price changes accordingly.
At the time of writing 9 oracles will keep tabs on the XAG/USD and XAU/USD markets. All of these will gather information from different sources to present an accurate representation of the current market conditions. It is worth noting that these pairs are updated only once every hour.
Oracles for Stock Indices Prices
Although one wouldn’t necessarily expect, ChainLink’s price oracles also gather information pertaining to stock indices. Right now, both the FTSE and Nikkei 225 are tracked. These two indices have 7 oracles dedicated to representing the recent price information. it would be interesting to see more of these indices added over time.