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

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.