Quick take:
- The Binance Smart Chain has integrated ChainLink’s Oracle solutions.
- Real-time data from ChainLink will be used to build DeFi applications on the Binance Chain.
- This move is beneficial to both projects as well as the value of Binance Coin (BNB) and LINK.
Moments ago, the CEO of Binance, Changpeng Zhao, tweeted the entry of Binance into Decentralized Finance while simultaneously announcing the integration of ChainLink’s Oracle solutions into the Binance Smart Chain. The tweet by CZ can be found below.
And we are onto #DeFi https://t.co/FpcyWeFbGw
— CZ Binance (@cz_binance) July 23, 2020
Furthermore, the announcement of the ChainLink integration explained that developers using the Binance Smart Chain can now access real-world data via ChainLink in a secure manner. This means that they can now build smart contract applications with reliable data feeds courtesy of ChainLink.
Chainlink grants immediate access to a huge collection of secure node operators, premium data sources, and proven oracle solutions for getting off-chain data and verifiable randomness. By integrating Chainlink oracles, Binance Smart Chain allows developers to build secure and reliable smart contract infrastructure.
Binance Coin (BNB) and LINK React Positively to the News
Both Binance Coin (BNB) and ChainLink (LINK) have reacted positively to the news. The digital assets of BNB and LINK have managed to break, albeit briefly, the $18.50 and $8 resistance levels respectively.
In the case of Binance Coin (above) the digital asset is set for a path of retesting, and possibly breaking, the $19 resistance level attempted on the 13th of July. In the 6-hour BNB/USDT chart, it is clear that trade volume is in the green with the MACD and all moving averages (50, 100 and 200) pointing towards a bullish scenario for the coin.
Additionally, quick glance at the 6-hour LINK/USDT chart reveals that the digital asset is also experiencing bullishness after retesting the earlier mentioned $8 resistance level. LINK’s current price of $7.91 is now above the three moving averages (50, 100 and 200) thus hinting of some bullishness. The 6-hour MACD is also attempting to cross in a bullish manner below the baseline.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
