Key takeaways

• Ziliqa (ZIL) has revealed that its EVM-compatible chain now supports Chainlink data feeds, unlocking a wider variety of use cases for dApps on the network
• Chainlink oracles are responsible for 46.69% of TVS across all blockchains, Ziliqa states the project’s “security, decentralization and reliability” as major reasons why
• ZIL price falters as crypto markets see sell-off, algorithm predicts further -11% drop over the coming month

Chainlink data feeds now compatible with Ziliqa’s EVM smart contracts, Ziliqa expects more innovation from developers

Ziliqa (ZIL) has announced that Chainlink data feeds are now live on mainnet and testnet, a move that unlocks more versatility for programmers seeking to launch smart contracts and dApps on the network.

Chainlink data feeds will be used to provide real-time price data for ZIL/USD and USDT/USD. Chainlink’s oracles have become a favored solution for DeFi platforms owing to their proven security and reliability in enabling off-chain data to be used in blockchain applications.

Ziliqa stated in a recent blog post, “By adding Chainlink data feeds to Ziliqa, we hope to see more developers building new applications which were not previously possible to deploy on the Ziliqa EVM network.”

Chainlink oracles are currently used in 345 DeFi protocols, supporting a wide variety of blockchain use cases in the process. As of 9th October 2023, Chainlink oracles support 46.69% of TVS (total value secured) across all blockchains, equating to a total value of $11.895 billion.

Chainlink oracles are used in 345 DeFi protocols, representing 46.69% of DeFi TVS, via DeFi Llama

Chainlink’s data reliability, decentralization, versatility, security, interoperability, and smart contract functionality have been highlighted as key reasons why data feeds can help to support innovation on the Ziliqa network.

“Now that Chainlink price feeds are available to smart contracts on the Ziliqa mainnet and testnet, developers can take advantage of this reliable stream of information to build new and exciting applications that interact with real-world data.” — Ziliqa on Chainlink data feeds

ZIL price drops as global news affects markets, algorithm predicts continued slide

ZIL has dropped -3.57% in the past 24 hours, and -10.17% in the past week. This follows a period of sustained downside in which ZIL has lost more than half of its total value over the past 8 months, since forming its yearly high in early February at the $0.0366 price level.

Today’s drop from ZIL is likely to have been driven by market-wide sell pressure following the weekend’s news. Israel has declared a state of war against Palestine, and the crypto markets have responded negatively. In the past 24 hours, the total crypto market cap has fallen -1.74%.

The CoinCodex price prediction algorithm expects ZIL to continue its downtrend over the next month. The 1-month price prediction forecasts a -11.47% drop for ZIL, which would take the token to $0.01497 from its current price of $0.01611.

1-month price prediction for Ziliqa, via CoinCodex

Bottom line: Ziliqa’s Chainlink partnership unlocks more utility for developers

The integration of Chainlink data feeds with Ziliqa’s EVM-compatible blockchain means that developers can create dApps for a broader number of use cases on the network. Ziliqa cites external prices, weather reports, and sports scores, as three examples that display the range of applications that can be supported using Chainlink’s oracle-based data feeds.

Offering a secure solution for developers to bring off-chain data onto the blockchain is a major reason why Chainlink has been able to establish itself as a leading Web3 brand. Ziliqa hopes that the new development tools will attract more applications into the ecosystem, helping to ease innovation for developers and entrepreneurs.