How Chainlink’s Newly Launched Oracle Network Upgrade Will Disrupt The World Of DeFi

How Chainlink's Newly Launched Oracle Network Upgrade Will Disrupt The World Of DeFi

What is Off-Chain Reporting (OCR)?

The benefits of the upgrade was highlighted via an official blogpost, excerpts of which reads ;

“While the Chainlink Network has already been rapidly increasing the amount of data it provides on-chain through the continual rollout of Price Feeds, Proof of Reserve, verifiable randomness (VRF), and more, OCR’s scalability improvements will massively accelerate that trend.”

However, DeFi users have a more impressive reason to celebrate. With the launch of the upgrade comes a 10 times increase in the number of real-world data accessible to smart contract applications. As explained in the blog post, “the most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contracts l applications.”

The next wave of DeFi domination is here


It is safe to say that the first wave of DeFi applications reflects the unimaginable potential that Decentralized financial applications bring to the crypto-space. But with the arrival of the OCR, the DeFi craze is about to shake the industry some more. With the significant increase in on-chain data made available to smart contract developers, there will be a wider range of finance products that will storm the market. 

“With OCR, smart contract developers will have greater access to external data across a more diverse set of assets, real-world events, and blockchains, allowing them to service new industries and unique use cases.”