Synthetix is set to integrate Chainlink Data Streams with the launch of its v3 exchange on Arbitrum, with potential expansions to Optimism and Base.
The decision follows a unanimous vote by Synthetix’s governing council, as reported by Chainlink on X. Chainlink’s Data Streams are “pull-based” oracles that offer more frequent and lower-latency data compared to traditional “push-based” solutions. This enhancement is crucial for decentralized derivatives exchanges like Synthetix, which rely on real-time market data for trade execution.
Chainlink highlighted that Data Streams will greatly improve the performance, security, and reliability of Synthetix’s markets. Synthetix aims to bridge the gap between centralized and decentralized exchanges with its v3 protocol, positioning itself as a leading platform for next-generation on-chain financial products.
In July, Chainlink’s Raoul Schipper proposed this integration to the Spartan Council, Synthetix’s governing body. The proposal was approved on August 9.
The proposal suggests that, based on performance metrics from the Arbitrum launch, Data Streams might be extended to additional feeds and markets on other networks like Optimism and Base.
Chainlink has been active in 2024, including a June launch of Data Streams with another derivatives protocol on Avalanche. Earlier this year, Chainlink integrated with Celo and recently, its Automation features and CCIP protocol were deployed on Gnosis, offering significant reductions in gas fees.
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