The NYSE experienced an outage in early trading on Monday, and Chainlink co-founders emphasized the importance of the oracle network

On Monday (June 3), during the early trading session of the US stock market, several large-cap stocks such as Berkshire Hathaway, McDonald's, and Wells Fargo experienced a price drop of up to 99.9% due to suspicions of software malfunction in the infrastructure of the New York Stock Exchange. The extreme price fluctuations caused trading of the affected securities to be suspended, but later trading of Berkshire Hathaway and other affected securities resumed. The issue has since been resolved.

In response to this incident, Sergey Nazarov, co-founder and CEO of Chainlink, reminded the public that the highly centralized architecture of traditional financial systems is vulnerable to critical vulnerabilities. In an interview with Cointelegraph, he further explained how Chainlink's oracle network provides solutions for inherent vulnerabilities in centralized systems.

Nazarov stated that the decentralized oracle network invented by Chainlink can reduce these risks by providing accurate and tamper-proof data. These networks aggregate data from various sources and use consensus mechanisms to verify information, ensuring data integrity and preventing erroneous transactions and price manipulation.