Plasma Blockchain Makes Waves in DeFi with Chainlink, Aave Partnerships
Plasma, a newly launched Layer 1 blockchain specialising in stablecoins, has made waves in the decentralised finance (DeFi) ecosystem. It has partnered with Chainlink and Aave, with Swiss bank UBS also involved, to bolster its blockchain ecosystem. Plasma has adopted Chainlink as its official oracle provider, joining Chainlink's SCALE program.
The collaboration with Chainlink and Aave is set to strengthen Plasma's DeFi ecosystem. Plasma, with a total value locked (TVL) of over $5.6 billion, has integrated Aave, the largest liquidity protocol, onto its blockchain. Meanwhile, Chainlink Labs is working with Plasma to enhance its oracle services.
Institutional players like UBS are piloting Chainlink's CCIP protocol, demonstrating the growing interest in and support for Plasma's initiatives. Despite a recent dip, Plasma's native token XPL is currently trading at $0.87, down nearly 34% from its launch.
The stablecoin sector's total market capitalisation has surged past $300 billion, reflecting a nearly 50% increase since the start of the year. Plasma's strategic partnerships and robust TVL position it well to capitalise on this growth, further expanding its influence in the DeFi space.
