Chainlink Price Feeds Are Live on Polkadot-Based Moonbeam

Oracle application Chainlink now supports the most active decentralized application (dApp) ecosystem on Polkadot.

AccessTimeIconJun 15, 2022 at 2:00 p.m. UTC
Updated May 11, 2023 at 4:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Moonbeam, a major destination for multi-chain applications on Polkadot, has integrated Chainlink Price Feeds into its smart contract platform.

Moonbeam serves as a smart contract platform and is able to natively interoperate with the Relay Chain, the term for Polkadot’s main blockchain, as well as other independent blockchains called parachains that run on the Polkadot network.

The availability of Chainlink’s price feeds helps enable builders to reliably source aggregated price information from many exchanges, helping ensure price accuracy. With the integration, developers can build even more sophisticated decentralized applications (dapps) to launch on the Moonbeam network.

“Price Feeds complete a critical component of Moonbeam’s developer infrastructure, and that’s something that will lead to the development of future DeFi products,” Niki Ariyasinghe, global head of partnerships at Chainlink Labs, said in a message.

Oracle's protocols like Chainlink are third-party services that fetch data from outside a blockchain to within it, ensuring the input data is verifiable and free from errors. Such a service is required as blockchains and blockchain-based applications can function as immutable stores of data, but can’t independently verify the correctness of the input data.

Meanwhile, Derek Yoo, founder of Moonbeam Network, told CoinDesk in a Telegram message that the Chainlink integration was a sought-after feature by the Moonbeam community.

“Chainlink was a top requested feature from our community, and with the integration in place, friction is further reduced for developers building DeFi and other use cases,” Yoo said, acknowledging Chainlink as a “reliable oracle service.”

Moonbeam-based protocols already using Chainlink include Moonwell Artemis, a collateralized lending protocol on Moonbeam, which is using Chainlink Price Feeds to power lending and borrowing with price data from a wide range of tokens available on the Polkadot ecosystem, including DOT.

Moonbeam developers can get started with Chainlink Price Feeds on Polkadot from today through Moonbeam's developer documentation.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.