Why major Bitcoin futures exchange Bybit is integrating Chainlink price feed

Bybit, the top six Bitcoin futures exchange by open interest and daily volume, is integrating the price feeds of Chainlink.

By integrating Chainlink's Price Reference Data, traders would access additional price data and index apart from Bybit's internal index.

In times of extreme volatility, traders would be able to access price data from the DeFi market, which could serve as a useful alternative index.

The benefit of having an alternative price index to the exchange's independent feed is that traders can gain access to various data points.

"The initial integration of Chainlink price feeds is live for the following markets: BTC/USD, ETH/USD, XRP/USD, EOS/USD, LTC/USD, XTZ/USD and LINK/USD. This gives our traders secure, reliable and transparent price indexes that are completely separate from Bybit's internal operations."

Ben Zhou, the CEO of Bybit, said the collaboration between Chainlink and Bybit would allow traders to gain more resources by accessing price reference data from the DeFi market.

"By integrating Chainlink, we are able to provide an accurate source of price data that is highly decentralized and transparent, expanding the amount of resources our traders have access to."

LINK dominance in the price feed and oracle market grows.

The recent partnership between Bybit and Chainlink demonstrates the growing dominance of LINK in the market data and oracle market.

Since July, the price of LINK, the native token of the Chainlink blockchain network, rose from $4.7 to $12, rising by more than two-fold.