We are excited to announce that Coin Metrics, a leading provider of crypto financial intelligence, will be supplying our institutional-grade reference rate data to support Chainlink Price Feeds— industry-leading decentralized oracle networks for Decentralized Finance (DeFi), providing high-quality asset prices on-chain in a secure and reliable manner. Coin Metrics’ premium reference rate data will help empower Chainlink’s faster and higher-quality Price Feeds, optimized for higher frequency update rates and an even more refined aggregation methodology.
Chainlink has become the most widely used on-chain price feed solution across numerous blockchains, relied on by leading DeFi apps like Aave, Compound, and Synthetix, and increasingly being adopted in TradeFi platforms. Bringing Coin Metrics data to Chainlink Price Feeds will help establish support for high-throughput blockchains and layer 2 solutions and further enhance data quality.
Coin Metrics provides transparent, independent, and manipulation-resistant reference rates that are calculated in U.S. Dollars and Euros for over 300 assets. Our rates are derived from a multitude of high-quality constituent markets and our calculation methodology is fully transparent to all participants and is robust to manipulation.
Coin Metrics data is relied on by many top institutional partners and, increasingly, there is a need for price data within blockchains to support DeFi. DeFi applications—built using smart contracts and running on blockchains—often require accurate, up-to-date price feeds in order to execute key risk management functions on the blockchain that involve user funds. For example, decentralized money markets require price feeds to issue loans and trigger liquidations of under-collateralized positions, on-chain trading strategies need price feeds to determine portfolio rebalances, and cryptocurrency payment and invoicing systems reference rates to bring fair value to users. However, blockchains are inherently isolated systems, meaning smart contracts have no built-in capabilities to call external APIs. This lack of external connectivity requires the use of an additional piece of infrastructure known as a blockchain oracle to fetch external API data, validate and aggregate it into a single trusted data point, and deliver it into blockchain networks so it can be used by smart contracts. Chainlink is a market leader in blockchain oracles, incorporating decentralization, cryptography, and reputable infrastructure providers to provision high-quality data feeds on-chain for smart contracts.
“Chainlink has established itself as a leading oracle solution, opening up an obvious synergy for adding Coin Metrics’ reference rates to its Price Feeds. Our independent and transparent cryptoasset prices will help Chainlink establish high-frequency updates for scalable blockchains, layer 2 solutions, and TradeFi institutions,” said Coinmetrics Co-founder & CEO Tim Rice. “We’re excited to further enhance Chainlink Price Feeds and look forward to more opportunities to bring our range of data intelligence on-chain to support more advanced DeFi products.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About Coin Metrics
Coin Metrics is the leading provider of crypto financial intelligence, offering network data, market data, indexes, and network risk solutions to the most prestigious institutions touching cryptoassets.
Coin Metrics was founded in 2017 as an open-source project to determine the economic significance of public blockchains. Today, we expand on that original purpose to empower people and institutions to make informed crypto financial decisions. We aim to usher the world’s premier financial institutions into crypto with the most trusted data and insights. For more information, visit www.coinmetrics.io.