To get a boost from Chainlink’s update, DeFi products
Chainlink has formally released its upgrade to the OCR network, which imports 10 times more data than it did previously. The upgrade of Off-Chain Reporting (OCR) to the network is intended to boost DeFi projects through an efficient supply of on-chain data.
During the DeFi summer, when the Total Value Locked on decentralized finance platforms surged, Sergey Nazarov said that Chainlink provided more info. He said that the explanation for this is that Chainlink’s data feed relies on several platforms.
Although the platform is relatively new, it has developed itself as an important ecosystem component. The network was named among the top 100 most promising pioneers in technology in 2020. Nazarov noted that not less than 50 to 80 percent of DApps use Chainlink‘s supplied data.
DeFi products would benefit from the OCR upgrade to
The OCR update would alter the way the Oracle network collects different data. Before now, it was inefficient to collect various values from a single input signal because it took place along the chain. While this technique guarantees data credibility, it costs more gas to be released.
The OCR substitutes off-chain consensus circles for the previous form. This in turn lowers the gas fees and sends the data obtained to a smart verification contract. Nazarov noted that Chainlink‘s initiative is due to rising consumer demand.
The upgrade of Chainlink would certainly attract experts from the industry, as development is necessary for the growth of DeFi-related projects. This year, the network’s native token has also performed well. How well it suits its users is a good metric for the growth of a project. That is exactly what Chainlink has done: through advanced technologies, to serve its customers better.