Tron replaces oracle provider with Chainlink
Tron will temporarily cover Chainlink’s operational costs, including gas fees, with plans to transition these costs to DApp user fees in the future.
Chainlink, the blockchain oracle provider and Tron's decentralized autonomous organization (DAO) have announced that the Tron blockchain would be switching its oracle solution provider.
Tron DAO issued a news release announcing its decision to discontinue support for WinkLink, its former Oracle supplier. As stated in the announcement, Tron's decentralized finance (DeFi) ecosystem will be moving its pricing data to Chainlink Data Feeds in the near future.
What this implies is that the decentralized finance applications JustLend and JustStable, which have a combined worth of more than $6.5 billion, will make use of data oracles provided by Chainlink.
Accelerating Tron’s DeFi economy
Tron's participation in the Chainlink Scale program will “accelerate ecosystem growth and adoption,” according to the release, which underlined this fact. Tron will initially cover certain operation costs associated with Chainlink oracle networks, like gas fees, as part of the integration.
However, a long-term strategy will eventually move those costs to decentralized application (DApp) user fees. Tron will cover these costs.The head of blockchain partnerships at Chainlink Labs, Thodoris Karakostas, stated in the news release that Chainlink will enable developers working inside the Tron ecosystem to create DeFi applications and “advance the decentralized internet.”
Sam Elfarra, the community spokesperson for Tron DAO, reiterated the idea and stated in the news release that they joined the Chainlink Scale initiative in order to speed up Tron's decentralized finance economy.
Justin Sun, the founder of Tron, stated in a post on X that the integration will create opportunities for Chainlink, Tron-based stablecoins, and real-world assets (RWA). While everything is going on, Tron's memecoin ecosystem continues to be a significant revenue generator.
Memecoins drove Tron’s revenue to a new high
To put it another way, Tron's quarterly revenue in the third quarter of 2024 reached $151.2 million thanks to the memecoin launchpad SumPump, which belongs to the blockchain. The crypto analytics firm Messari reports that this new record high marks 30 percent growth from the previous quarter to the current quarter.
Between the 12th of August and the 30th of September, SunPump released approximately 89,000 tokens. The result was that Tron's DeFi transactions increased by 487% during the third quarter.
“SunPump activity began picking up on August 16 and proceeded to go parabolic over the subsequent two-week period,” stated Messari. “SunPump activity has been going strong since then.”
In September, the number of new tokens launched on the memecoin launchpad plummeted to less than 1,000 per day, despite the fact that the total quantity of tokens underwent a boom.
