Arbitrum

Synthetix

when

Chainlink

Avalanche

Derivatives protocol Synthetix will add Chainlink Data Streams to its upcoming v3 deployment on the Arbitrum network after its governing council voted unanimously in favor of the integration, according to a <a href="https://x.com/chainlink/status/1821943828133138441" target="_blank" rel="noopener nofollow">post</a> by Chainlink on the X platform.&nbsp;
Chainlink’s Data Streams are so-called “pull-based” oracles designed to deliver verified onchain data at a higher frequency and with lower latency than conventional “push-based” solutions. That is especially valuable for decentralized derivatives exchanges such as Synthetix, which require real-time access to market data to facilitate trades. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/337b1b69-7c20-4018-8005-015934ec6159.png" alt="Synthetix to add Chainlink when v3 exchange launches on Arbitrum">
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 “Pull-based” oracles are designed to deliver data with lower latency than conventional solutions. Source: Chainlink
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“Data Streams significantly [enhance] the performance, security, and reliability of markets on the Synthetix protocol,” Chainlink said. 
Synthetix is seeking to close the usability gap between centralized and decentralized exchanges with its Synthetix v3 protocol, which aims to “become a permissionless derivatives liquidity platform for the next generation of on-chain financial products,” Synthetix said in a blog <a href="https://blog.synthetix.io/what-is-synthetix-v3/" target="_blank" rel="noopener nofollow">post</a>.
In July, Chainlink executive Raoul Schipper submitted a <a href="https://sips.synthetix.io/sips/sip-398/" target="_blank" rel="noopener nofollow">proposal</a> to Synthetix governing body — the “Spartan Council” — advocating for the integration when v3 is deployed an Arbitrum, an Ethereum layer 2. It was approved on Aug. 9.
Related: <a href="https://cointelegraph.com/news/chainlink-data-streams-live-avalanche-network">Chainlink data streams go live on Avalanche Network</a>
According to the proposal, pending live performance metrics from the Arbitrum implementation, “Synthetix’s usage of Data Streams could be extended to cover additional feeds and markets deployed on alternative networks such as Optimism and Base.” 
In June, Chainlink launched Data Streams with <a href="https://cointelegraph.com/news/chainlink-data-streams-live-avalanche-network">another derivatives trading protocol</a> on the Avalanche network. 
Chainlink has been expanding aggressively in 2024. In May, the oracle provider announced an integration with Celo to provide users of the Ethereum layer-2 network with Chainlink’s CCIP Interoperability Protocol.
More recently, Chainlink’s Automation features and CCIP protocol went live on the Gnosis network, allowing users to offload heavy computing tasks to the Chainlink network, potentially reducing gas fees by up to 90%.
Magazine: <a href="https://cointelegraph.com/magazine/blockchain-detectives-mt-gox-collapse-birth-chainalysis/">Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis</a>.

Synthetix to add Chainlink when v3 exchange launches on Arbitrum

Cointelegraph

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