Chainlink is one of the crypto-projects with the most partnerships on the market besides VeChain. Many crypto exchanges that want to integrate the decentralized price data from Chainlink have shown particular interest in recent weeks. Now, the token exchange platform KyberSwap has also announced that it will use Chainlink technology to display prices correctly.
Confidential prices through Chainlink price feed
KyberSwap is a platform for the immediate change („swap“) of its cryptocurrencies. Completely without order book or deposits. After several stock exchanges have announced in the past that they will rely on Chainlink’s decentralised price feeds, KyberSwap has now also announced that it will work with the project.
The integration allows users to confidentially verify asset prices whenever they change tokens. The price data from Chainlink is used in addition to that of the cyber network. This should strengthen security and confidence in KyberSwap in the long term. The displayed price during a token swap is now calculated from the data from Chainlink and the cyber network.
Kyber’s move is probably a consequence of the extremely increasing popularity of the Exchange. The company’s own cryptocurrencies, KNC, have risen by 420% since the beginning of the year. KNC is therefore even well ahead of the growth of the remaining tokens from decentralized exchanges, which are performing significantly better than their centralized competitors.
Chainlink (LINK) as the next big thing?
Almost no day goes by without the integration of Chainlink in one of the many stock exchanges. In the meantime, the crypto project seems to be the number one contact point when it comes to providing reliable and decentralized prices on a crypto exchange. This will make it difficult for competitors to gain a foothold in this market.
Crypto Weiss Ratings sees particularly great potential in Chainlink. Through the further spread and application of Smart Contracts, the LINK price is expected to grow 600%, which would catapult the price to $20 USD. Because in order for Smart Contracts to be able to communicate with data from the real world, it needs a technology like the one Chainlink has to offer.