Chainlink Strengthens Role in Onchain Capital Markets With Strategic Turtle Deal
- Liquidity distribution protocol Turtle has deployed Chainlink’s technology to boost adoption of on-chain capital markets by institutions.
- Chainlink’s CCIP and Data Feeds are now a requirement for all Turtle users to minimize risk while they provide liquidity.
Turtle, a decentralized liquidity distribution protocol, has deployed Chainlink’s technology on its platform to boost security and enable interoperability.
In its announcement on Tuesday, Turtle revealed that it will now be exclusively using Chainlink to power its liquidity infrastructure as it aims to attract more institutions to its on-chain capital market products.
Turtle enables users to move capital efficiently across tokenized funds and markets. It doesn’t offer the DeFi products itself, but acts as the underlying infrastructure for onchain markets. It claims to currently have over 1,000 active opportunities, with 410,000 wallets and $180 million in active total value locked.
Two of the main features Turtle will be using are the Cross-Chain Interoperability Protocol (CCIP) and Data Feeds. As we have reported, dozens of the leading crypto projects have integrated CCIP, from Coinbase and Stellar to TON and Solana.
Turtle will use the decentralized oracle services under Data Feeds to determine the price of an asset in new markets, and then use CCIP for cross-chain rebalancing. Each transaction will now be vetted against Chainlink’s pricing data, the project said.
Turtle CEO believes that the new partnership will push forward its mission and allow it to target new markets, stating:
Chainlink Dives Deeper into Enterprise Use Cases
The new partnership will enable Turtle to support regulated financial institutions and funds that are exploring tokenization, the company said. Tokenizing real-world assets has become the biggest attraction for traditional finance, with projections of the sector soaring to over $30 trillion, as we reported. Turtle already has an edge over most blockchain rivals as its platform was custom designed for this use case and it’s currently working with some notable partners in finance.
The protocol will now make CCIP and Data Feeds a requirement for all users on its liquidity products, giving them access to “verified on-chain opportunities with consistent pricing, yield transparency, and standardized risk metrics,” it said.
The partnership further cements Chainlink’s position as the bridge between the real world and the on-chain economy. While most blockchain networks have offered the tools to onboard new clients, Chainlink has focused on the plumbing, allowing these networks to connect with off-chain data, which is where most of the value currently sits.
Commenting on the latest partnership, Chainlink Labs Head of DeFi, Michael Mendes, stated:
LINK trades at $11.90, traded sideways over the past day for a $8.45 billion market cap.
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