Chainlink, the Oracle network, has launched its Data Streams product on the Avalanche network. The decentralized perpetual futures trading platform, GMX, has taken the lead by utilizing the real-world market data provided by Data Streams to power its perpetual futures protocol.
Unlike Chainlink’s traditional “push-based” oracles, which gather and verify data on-chain at regular intervals, Data Streams operates on a “pull-based” oracle model. This means it retrieves off-chain market data on demand with low latency. This is particularly beneficial for platforms like GMX, where traders require real-time access to raw, high-frequency price data and cannot afford to wait for on-chain verification.
While Chainlink’s Data Streams still verify the data on-chain, it only does so when necessary, such as during the execution of a trade.
In the aftermath of the deployment of Chainlink Data Streams on the Avalanche network, Johann Eid, the Chief Business Officer at Chainlink Labs, expressed his thoughts on the matter.
Chainlink has been making strides in 2024 by deploying its products across the blockchain landscape. In May, the oracle provider announced its integration with Celo to provide users of the Ethereum layer-2 network with Chainlink’s CCIP Interoperability Protocol. More recently, Chainlink’s Automation features and CCIP protocol went live on the Gnosis network, enabling users to offload heavy computing tasks to the Chainlink network and potentially reduce gas fees by up to 90%.
Earlier in 2024, Chainlink partnered with Arta TechFin, a Hong Kong-based asset management firm, to tokenize real estate. This move aims to revolutionize the buying and selling of property by significantly reducing transaction costs and unlocking liquidity in illiquid assets. Kunal Bhasin of KPMG Canada explained that these efficiencies are appealing to both institutional and individual investors. Additionally, tokenizing real estate could democratize the commercial real estate sector, allowing smaller players to participate in an industry traditionally dominated by larger investors.
In conclusion, Chainlink’s Data Streams product on the Avalanche network has paved the way for GMX to utilize real-world market data in its perpetual futures protocol. Chainlink continues to expand its product offerings across various blockchain platforms, with recent developments in interoperability and automation. Furthermore, the partnership with Arta TechFin demonstrates Chainlink’s commitment to revolutionizing the real estate industry through tokenization.