Courtesy: Santiment On the other hand, the active address for LINK has actually likewise hit a new 5-month high. This possibly comes on the background of increasing DeFi activity as Chainlink discovers a solid use-case in the Decentralized Finance (DeFi) area.
Paxos Global Partners With Chainlink to Enter DeFi
Cryptocurrency brokerage platform and leading monetary market infrastructure Paxos announced its partnership with Chainlink on Thursday, January 14. Paxos will utilize Chainlink’s decentralized oracle network to make its asset-backed token Paxos Standard (PAX) and Paxos Gold (PAXG) offered across the decentralized finance (DeFi) market.
Adding Paxos tokens to the Chainlink feed will make combination simpler for different DeFi applications. Walter Hessert, Head of Strategy at Paxos said:
“Chainlink oracles will speed up the adoption of Paxos’ USD and Gold-backed tokens in DeFi. With the proof of reserve and cost readily available on-chain, our regulated properties will become more available for DeFi users.”
Currently, USDT and USDC have a lion’s share in the stablecoin energy in the DeFi space. Likewise, just MakerDAO provides PAX as a security type. The new collaboration will let more DeFi projects to utilize the PAX stablecoin. Also, the Paxos Gold (PAXG) can bring the utility of real-world properties to the DeFi market.
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