The Chainlink Scale program has onboarded developers from the Hedera-powering HBAR foundation, opening doors to a set of Chainlink (LINK) data feeds and the exquisitely secure Chainlink’s Contractor-Controlled Insurance Program (CCIP).

What Does Chainlink bring to HBAR?

The expansive access to Chainlink’s oracle services allows HBAR developers to launch the decentralized oracle’s data feeds immediately on Hedera’s testnet. Potentially paving the way for feature-abundant decentralized applications (dApps) on Hedera’s native platform, with a reputational system for users to decide which applications to choose.

This helps develop the decentralized finance (DeFi) infrastructure on Hedera’s distributed ledger technology, as the data aggregators from Chainlink offer real-time data from hundreds of crypto exchanges. 

The provided on-chain data is only weighted by volume, making it less susceptible to outliers and wash trading. Moreover, the partnership allows Hedera’s developer team to access Chainlink validator nodes, promoting interoperability between the chains.

Hedera’s HBAR Price Folds Below $0.05

Despite the excitement, Hedera’s altcoin notably slipped below the $0.05 key support level, overshadowing the community’s optimism on Reddit & X. Some crypto traders took the time to predict a further HBAR price drop. Analyst Coinivedik expects HBAR to trade at $0.03, accusing the HBAR Foundation of mass selling.

Other traders ascribe Hedera’s underperformance against the market sentiment as an issue of Bitcoin’s (BTC) dominance. Based on yearly return stats, the altcoin isn’t sporting a high correlation with Ethereum (ETH) either; the largest Proof of Stake asset grew by 49%, while HBAR plunged by 8% from exactly a year ago.

On the Flipside

So far, the partnership news has reflected more on Chainlink’s (LINK) price, which has grown 5.2% over the past 24 hours.

According to CoinGecko, Hedera’s HBAR crypto price plummeted 2% and is now trading below $0.05.

Why This Matters

Interoperability initiatives such as HBAR Foundation’s partnership with Chainlink Scale have the potential to bring user-friendly, fully-featured dApps to the public, driving mass crypto adoption.

Source : DailyCoin - Oct 30, 2024