Amid an “increasing” demand from developers that need high-quality API data directly on the blockchain, South Korean crypto exchange Pluto will launch their own Chainlink node in order to make the platform’s trading data and market insights accessible to smart contract developers. The feature will also help the platform overcome the “blockchain oracle problem,” which hinders the smart contracts powering Dapps to natively connect with external APIs such as Pluto.
In order to “overcome this issue,” Pluto will use Chainlink “to bridge the gap between on-chain applications and the platform’s off-chain API data.”
The firm expects to provide data such as prediction markets on various trading strategies or “insurance products that cover underperforming strategies.” The Pluto team aims to expand the types of DeFi applications that can be created and said in a blog:
With the exponential growth of the DeFi ecosystem, we see a large opportunity to make our aggregated trading analytics data available to smart contract developers.
Through the oracle, our API data can be made available to smart contracts in a secure, reliable, and tamper-resistant manner.
According to the Pluto team, the data can be used as “refined market indicators” to power autonomous on-chain asset managers, and other advanced DeFi products. The team hopes that this new development will attract more developers to use Pluto data.
Last month, leading crypto-exchange Kraken said that it will run its own Chainlink node to broadcast the platform’s spot prices on-chain. According to a ‘Link Marine’ Chainlink announced 33 integrations in February alone. LINK ecosystem now includes 181 DeFi projects, 80 blockchains, 37 data providers, among others.