Intrinio Bringing Financial Market Data to DeFi Using the Chainlink Network
We are excited to announce that Intrinio is now using market-leading decentralized oracle network Chainlink to make our premium financial market data available across top blockchains. Chainlink is the most widely used secure blockchain middleware, which enables existing APIs to quickly become compatible with blockchain networks without any changes to current API infrastructure. As a result, Intrinio can directly partake in the provisioning of decentralized risk markets taking root on blockchains that are more fair, transparent, and reliable for users.
Smart contract developers can use Chainlink oracles to fetch real-time price data on various financial assets from the Intrinio API, such as data on financial assets. This data can then be used within emerging Decentralized Finance (DeFi) markets to automatically price products and settle markets, such as in derivatives, synthetic assets, prediction markets, and more.
Using the Chainlink Network to Expand Intrinio Data to DeFi
Intrinio is a real-time financial market data provider, offering users around the world high quality data, cutting edge tools, and world class support. We have a multitude of high uptime APIs for obtaining premium market and options data, among others:
- US Market Data for stocks and ETFs, such as real-time asset prices, historical intraday, historical end of day, and technicals.
- US Options Data for real-time, delayed, and historical end of day, including information like Greeks, last trade timestamp, puts or calls, implied volatility, total trade volume, and expiration date.
Bringing these premium datasets onto blockchains will allow developers to expand the depths of DeFi by supporting more traditional assets in simple or exotic ways. They do so knowing that their products will be accurately priced and/or settled according to clean, up-to-date, and highly available financial market data feeds.
While there are a number of interesting DeFi use cases possible through Intrinio’s data, a fundamental limitation exists—smart contracts have no built-in capability to call external APIs. This lack of external connectivity, often called the oracle problem, requires the use of an additional piece of infrastructure known as a blockchain oracle to bridge external API data and blockchain networks.
Since Chainlink has the largest and fastest growing ecosystem of data providers and smart contract developers using its oracles to buy and sell data between one another, Chainlink was the perfect solution to make our suite of APIs blockchain-enabled. Some of the unique advantages of using the Chainlink Network include:
- Blockchain Agnostic – Chainlink provides us with a single gateway to sell our data to any current and future blockchain without requiring any modifications to our existing API infrastructure, serving as a future-proof and scalable solution.
- Time-Tested Infrastructure – Chainlink is thoroughly audited open-source software that collectively secures tens of billions of dollars in value on mainnet, proving its ability to protect and trigger the movement of real economic value.
- Large Market – Chainlink is the most widely used oracle solution in DeFi, offering a large and growing market of new data consumers of the Intrinio APIs.
We’re excited to make our real-time and historical market and options data available to DeFi across leading blockchains, empowering us to play a key role in its growth and expansion into new on-chain product offerings.
“Leveraging the Chainlink Network allows us to seamlessly expand from providing data to traditional financial markets to now also being able to support the growth of DeFi,” said Rachel Carpenter, CEO of Intrinio. “Integrating with Chainlink was a quick and low-overhead process, yet opened our API infrastructure to emerging blockchain-based markets where we can sell data to a growing pool of customers that need it to accurately and securely price and settle data-driven financial products and markets.”
Intrinio is a financial data technology company on a mission to power fintech innovation by providing high-quality data to developers and engineers from fintech companies, large institutions, hedge funds, and startups.
Intrinio provides standardized and as-reported fundamentals for US-based publicly traded companies, real-time market data, options, alternative data, ETFs, and more via a powerful application programming interface (API) that can be easily integrated into applications, websites, widgets, algorithms, and other financial tools. Learn more at intrinio.com.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.