Blockchain infrastructure firm Mycelium <a href="https://mycelium.xyz/blog/mycelium-chainlink-build-announcement" rel="noopener noreferrer nofollow">announced via a blog post</a> that it had joined the Chainlink Build Program. This latest development means that Mycelium is the third project to join the program after Galaxis and Interest Protocol joined a few weeks ago.By joining BUILD, the Mycelium team said they aim to accelerate ecosystem growth and the long-term adoption of Mycelium’s DeFi products by gaining enhanced access to Chainlink’s industry-leading oracle services and high-quality technical support, as well as incentivizing greater cryptoeconomic security. In exchange, Mycelium will commit to paying network fees and offer other benefits to the Chainlink community and service providers, including stakers.Chainlink BUILD seeks to accelerate the growth of early-stage and established projects within the Chainlink ecosystem by providing enhanced access to Chainlink services and technical support in exchange for commitments of network fees and other incentives to Chainlink service providers, such as stakers.Chainlink enables newer projects to integrate Chainlink services before they have achieved broad usage and adoption while also helping foster accelerated growth in existing Chainlink ecosystem projects that already have growing user bases.While commenting on this latest development, Johann Eid, VP of Go-To-Market, Chainlink Labs, said;“We’re excited to have Mycelium join the Chainlink BUILD program, which aims to create a more robust incentive alignment between Mycelium and the Chainlink ecosystem. The enhanced support by the Chainlink ecosystem helps the team create secure DeFi products and aims to kickstart widespread adoption of Mycelium’s current and future DeFi offerings.“Patrick McNab, Mycelium CEO and Co-Founder added that;“We’ve been a part of the Chainlink ecosystem for a long time, first as a node operator and then as a data consumer. We’ve seen firsthand the ecosystem impact that Chainlink has brought to DeFi. This is why we’re excited to join Chainlink BUILD, which gives us increased access to Chainlink’s industry-standard oracle services, dedicated technical support, and a robust cryptoeconomic model that empowers us to build world-class DeFi offerings. We’re very pleased to continue our collaboration together, and we welcome the Chainlink community to join the growing Mycelium network.”Mycelium team revealed that it would make available economic incentives by allotting multiple percentage points of its token supply to Chainlink service providers. The Chainlink service providers would include stakers that secure oracle services relied upon by Mycelium Perpetual Swaps and Mycelium Perpetual Pools, as well as future products.On their part, Chainlink service providers can participate in Mycelium DeFi. They would also receive incentives for contributing to the security and reliability of Mycelium’s DeFi services.

Mycelium becomes the third project to join the Chainlink BUILD Program

Cryptowisser

Other articles published on Oct 28, 2022

Challenges of DeFi in 2022 and How Position Exchange Address Them

🎃 | MetaRace Halloween TikTok Competition | 👻

WHAT IS GAMEFI? A GUIDE TO CRYPTO GAMES & PLAY-TO-EARN

Borrowing USDC with wETH: A Guide

UK Votes in Recognizing Crypto as Financial Instrument

Fragment: Telegram’s auction platform based on the TON blockchain.

Join our free newsletter for daily crypto updates!