Using Chainlink Oracles on Matic Network

Using Chainlink Oracles on Matic Network

Since Matic went live earlier this year, the network has quickly become a popular layer 2 solution for Ethereum developers, thanks to its secure and scalable infrastructure and instant transactions. Matic’s high-performance, low fee infrastructure provides a viable platform for DeFi applications to facilitate large-scale adoption. Similarly in the blockchain oracle space, Chainlink has become the preferred oracle solution for DeFi protocols, with Chainlink Price Feeds now securing billions in USD value. In this technical article, we’ll show you how to use Chainlink oracles in your Matic DeFi application, and how to make use of Chainlink’s Price Feeds to give your application access to high-quality, tamper-resistant data that isn’t prone to risks such as oracle exploits and flash loan attacks.

The Need for Scalable and Secure DeFi Protocols

This year has seen an explosive growth in DeFi protocols, with the total value locked (TVL) in DeFi skyrocketing from $680M in January, to now over $14B. However, along with this growth comes increased levels of on-chain transactions, as well as unwanted attention from malicious actors that try to exploit these protocols for their own benefit.

The increased levels of on-chain transactions due to the growth of DeFi have often hindered the performance of the Ethereum blockchain, due to its scalability limitations and low throughput. This has a flow-on effect which frustrates the user experience of DeFi protocols with high fees and slow transaction times.

Slow transaction speeds and high transaction costs are two of the most limiting factors preventing DeFi from crossing into the mainstream. Layer 2 networks such as Matic can unlock the next stage of growth in DeFi thanks to its increased scalability, high throughput, and low cost transactions. Matic sidechains are also composable and fully EVM-compatible. One of the core values of DeFi is its permissionless composability, so ...

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