Chainlink Unveils New DeFi Product for Yield Index
Chainlink, a decentralized oracle network, has recently launched a new product targeting the decentralized finance (DeFi) market. The Chainlink DeFi Yield Index is a data product designed to aggregate lending rates across the DeFi ecosystem, as outlined in a blog post on Chainlink’s website.
Collaborating with zero-knowledge proof data platform Space and Time, Chainlink has introduced the DeFi Yield Index to provide real-time on-chain activity data using Space and Time’s blockchain indexer and database. This collaboration ensures accuracy, robustness, and market representativeness for the index.
The Chainlink DeFi Yield Index aims to benefit various stakeholders in the DeFi space, including capital markets institutions, DeFi protocols, and users. These participants can utilize the index for yield-earning opportunities, risk management, and efficient capital deployment.
“Chainlink has established itself as the standard for verifiable data across DeFi and the emerging onchain finance ecosystem, and Space and Time provides a transformative database solution that unlocks advanced Web3 use cases,” said Scott Dykstra, co-founder of Space and Time. “We’re excited to provide the indexing and database infrastructure to support the calculations for Chainlink DeFi Yield Indexes and enable financial institutions to capture more opportunities in the public blockchain ecosystem.”
Initially, the DeFi Yield Index will focus on calculating data for major DeFi assets such as USD Coin, Tether, wrapped Bitcoin, and wrapped Ethereum. Chainlink will serve as the index administrator, while Space and Time will act as the calculation agent to ensure fairness, accuracy, and transparency.
This new product adds to Chainlink’s expanding suite of offerings, which includes Chainlink Price Feeds, Data Streams, Cross-Chain Interoperability Protocol, and Proof of Reserve, among others.