GMX, a perpetual futures trading platform, has partnered with Chainlink to leverage its technology for a decentralized futures exchange. Chainlink has launched its Data Streams product on the Avalanche network, with GMX utilizing the real-world market data provided by Data Streams to enhance its protocol.
Chainlink’s Data Streams represent a shift from traditional “push-based” oracles, which regularly obtain and verify data onchain. Instead, Data Streams use a “pull-based” oracle model, retrieving offchain market data on demand with low latency. This model is particularly beneficial for perpetual futures platforms like GMX, where traders need real-time, high-frequency price data without the delays of onchain verification for every transaction. Data Streams still verify data onchain when necessary, such as during the execution of a trade.
Source: Chainlink
Johann Eid, chief business officer at Chainlink Labs, highlighted the advantages of Data Streams, stating, “By offering unmatched speed and resiliency, Data Streams enable DeFi protocols to provide ultra-fast, high-throughput DeFi products while maintaining the high-security guarantees of onchain finance.”
Chainlink has been making significant strides in 2024, expanding its product deployment across various blockchain networks. In May, it integrated with Celo to offer Chainlink’s CCIP Interoperability Protocol to users of the Ethereum layer-2 network. Recently, Chainlink’s Automation features and CCIP protocol were activated on the Gnosis network, enabling users to offload computing tasks to the Chainlink network and potentially reduce gas fees by up to 90%.
In addition to these developments, Chainlink partnered with Arta TechFin, a Hong Kong-based asset management firm, to tokenize real estate. This initiative aims to lower transaction costs and unlock liquidity in the traditionally illiquid real estate market. Tokenizing real estate could democratize access to commercial real estate investments, allowing smaller investors to participate alongside larger institutional players.
