Crypto market-making company GSR has reportedly teamed up with Chainlink to provide price data to decentralized oracle networks (DONs), for utilization in DeFi and smart contract applications. 

Specifically, the announcement – a sign showing that the blockchain sphere is making strides with interoperability and more cross-platform compatibility – reportedly revealed that Chainlink co-founder Sergey Nazarov emphasized the crucial role high-quality market data play, regarding the development of the multi-chain ecosystem.

Per Nazarov, GSR releasing its data service will reportedly make it possible for the firm to tap into the ever-growing blockchain economy, and offer assistance in the innovation of smart contracts.

Francisco Lopez, a GSR executive, additionally shared that the partnership with Chainlink Labs will make it a reality for GSR to accelerate the adoption of “trust-minimized financial data products.” 

Per Lopez, due to the blockchain-agnostic nature of Chainlink, GSR will reportedly possess a “future-proof bridge” that links data to the blockchain.

As a consequent outcome of the alliance, developers will have the power to tap into GSR’s analytics data to be applied in use cases that are based on the aggregation of crypto market data sources, nominally yield products, prediction markets, options and futures and algorithmic stablecoins.

Aside from this update, the announcement further disclosed that the partnership will enable the design of a wide variety of different data products, applicable throughout the DeFi sphere. 

In February this year, climate-centric initiative Hyphen also completed the integration of Chainlink to track and verify greenhouse gas data to make firms take responsibility for their environmental impact reports.