Blockchain platform Solana has joined up with decentralized oracle solution Chainlink to construct an oracle that updates incredibly quickly.
“We recently saw market failures due to congestion on Ethereum, including oracle failures,” Solana CEO and founder Anatoly Yakovenko told Cointelegraph in an interview, adding:
“What we’re building with Chainlink is a high-frequency oracle that can give a price update every 400 milliseconds — and because of our capacity, we shouldn’t see those kinds of market failures on our network. It’s solving a fundamental problem that we see in the decentralized exchange space.”
Solana shoots for scalability
Currently a popular network choice for DApps, Ethereum’s blockchain became clogged in September 2019 amid an influx of Ethereum-based Tether (USDT) transactions.
In late 2019, co-founder Vitalik Buterin came forward stating Ethereum’s Istanbul fork would eventually support 3,000 transactions per second, or TPS. Solana reportedly touts almost 60,000 TPS.
Solana, in general, is a layer-one blockchain solution that aims to provide high amounts of scaling without sharding. “We are scaling with hardware with Moore’s Law,” Yakovenko said. “We’re like a non-sharded layer, one that’s ridiculously scaled.”
The startup recently finished its Coinlist auction
Solana offered 8 million of its coins for sale in a Dutch-style Coinlist auction on March 23, touting a 90% price guarantee, Solana COO Raj Gokal told Cointelegraph. Noting current market volatility, Gokal explained Solana’s sale garnered surprising success. Solana’s auction sold off 1.6% of the project’s total 500,000,000 coin supply.
“We cleared the auction at $0.22,” Gokal said.
“Everyone gets the same price at the end,” he noted, explaining the process further. “The bids came in from anywhere between $4 and $0.04 in pre-bidding, and by the time the price got down to $0.22 — that was where there was enough demand to clear the 8 million…