Chainlink price oracles are now available for PARSIQ data streams

Chainlink brings data from off-chain to on-chain, and this takes it back.
PARSIQ is partly a blockchain monitoring firm, and partly growing into a platform in its own right for users to build their own integrations and utilise blockchain data streams in various ways.
Today it announced the addition of Chainlink price feeds to its monitored data streams. This means it's now possible to build automated event workflows with the data from Chainlink price oracles.
A simple example would be an automated Telegram price alert based on the prices reported by Chainlink oracles. A more complex example could be a workflow that waits for Chainlink price oracles to finalise a round before executing a transaction, in order to use more up-to-date prices, while logging prices and transactions in an Excel spreadsheet.
The overall intended end result is to make it cheaper, faster and easier to do more with Chainlink price feeds than you could previously.
"The PARSIQ monitoring and automation platform provides all the necessary information needed to fit a users' specific needs. Users can receive notifications on communication platforms like Telegram or directly to API endpoints via Webhooks," said PARSIQ co-founder Tom Tirman. "Now, using this newest integration with Chainlink, individuals, startups, and enterprises that deal with blockchain transactions can reduce the complexity of retrieving high-quality pricing information, minimize costs, and save time by building automated workflows based on Chainlink’s widely used price data."
A two way street
The DeFi ecosystem is a scattered field of separate-but-composable applications. Chainlink price oracles help glue these applications together and keep them composable by, among other things, providing a reliable source of "true" prices to all. As we've seen many times before, bad things happen when different applications see different prices or use prices from a single potentially manipulable source.
To create this on-chain truth, Chainlink aggregates pricing information from multiple sources to create a single, robust price that can be used by all these DeFi applications, such as the Chainlink ETH/USD price feed pictured below.
DeFi is all on-chain, and Chainlink is all about securely bringing data from off-chain to on-chain so it can drive smart contracts and be reliably used by decentralised applications.
PARSIQ is essentially doing the opposite. It's now taking the Chainlink data in a full circle by bringing it back off-chain to drive logic in centralised systems, hence why PARSIQ is sometimes (self-)described as a "Reverse-Oracle".
Even with the data flowing in the other direction, towards centralised entities via a currently centralised platform in this case, it's interesting to note that some quintessential DeFi dynamics remain in play.
For example, with Chainlink prices as the standard for many very different DeFi applications, workflows built on Chainlink price feeds may be able to get more mileage across more applications, with room for substantially more creativity, than what you can do with more basic price feeds. Chainlink's quickly growing number of non-price oracles could also open up more possibilities.
There's also the potential for PARSIQ to drive value back to Chainlink oracles by helping add value to the data they provide. And very true to DeFi form, there's also a native PARSIQ token with plans for liquidity provider incentives and other DeFi hits.
"We selected Chainlink because it’s the most widely used oracle solution in the market for secure and reliable delivery of high-quality price data to smart contract applications. It’s become a standard throughout DeFi, already securing over $4 billion of USD value for leading applications like Synthetix, Aave, yEarn, and many more," PARSIQ says. "As such, we see Chainlink price feeds as a key benchmark in the cryptocurrency market that many users want to monitor and build automated workflows around, especially based on their price updates."
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, see how to keep your crypto safe with our end to end guide to cryptocurrency security and dive deeper with our simple guide to DeFi.
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Disclosure: The author owns a range of cryptocurrencies including at the time of writing
Picture: Getty