Importantly, Chainlink Price Feeds are native to OΞ, meaning they run at the underlying speed and cost of OΞ. As such, developers needing scalability can get inexpensive, low latency price updates in near real-time, unlocking a whole new class of advanced smart contract applications on Optimism's L2 that were previously impossible on L1.
Synthetix has already integrated Chainlink Price Feeds on OΞ for low latency, low-cost oracle updates, leading to an enhanced trading experience for users. The integration supports trading of Synths on Kwenta, options trading on Lyra, and binary options of Thales.
Some of the benefits to development teams integrating Chainlink Price Feeds include:High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that's aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink's data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans. High Update Frequency — Chainlink Price Feeds deployed on Optimism offer low latency price updates at minimal costs, resulting in precise price data that consistently reflects current market conditions. Robust Infrastructure — Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime and tamper-resistance during market volatility, network congestion, and infrastructure outages. Transparent Monitoring — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of price feeds.
The integration of Chainlink helps ensure that new and existing DeFi applications can migrate to the OΞ L2 with minimal, if any, changes to the...