Moonbeam and Chainlink Price Feeds Integration

Published on: 15.06.2022

Moonbeam, the top destination for multi-chain applications on Polkadot, announced its integration with Chainlink Price Feeds.

Through this integration, developers can now leverage Chainlink Price Feeds industry-leading oracle network on Moonbeam to help them build DeFi applications using high-quality, decentralized data—all without leaving the Polkadot ecosystem.

Integration HighLights

To begin with, the availability of Chainlink Price Feeds completes a critical piece of Moonbeam’s developer infrastructure, bringing a proven oracle network to the top DeFi applications building on the Moonbeam network.

Moreover, the integration of Chainlink Price Feeds helps builders reliably source aggregated price information from many exchanges, helping ensure price accuracy. With this integration, Moonbeam can enter its next phase, paving the way for more sophisticated DApps to launch on the network.

Furthermore, as a parachain on the Polkadot network, Moonbeam serves as a smart contract platform and can natively interoperate with the Relay Chain and other parachains. Hence, through Moonbeam’s integration with Chainlink Price Feeds, developers can now access high-quality asset data on Polkadot, the second most active developer ecosystem after Ethereum, according to Electric Capital.

Similarly, Moonwell Artemis, a collateralized lending protocol on Moonbeam, uses Chainlink Price Feeds to power lending. In other words, it borrows price data from a wide range of tokens available on the Polkadot ecosystem, including DOT.

Chainlink Price Feeds

Chainlink Price Feeds are on-chain price reference contracts powered by decentralized oracle networks. Mainly, each decentralized oracle network comprises numerous Sybil-resistant node operators, which source prices from high-quality data aggregators to generate accurate market prices backed by comprehensive market coverage and infrastructure without single points of failure. Hence, Chainlink Price Feeds already help secure tens of billions of dollars in on-chain value across DeFi, including for top protocols like Aave, Compound, Sushi, and more.

Ultimately, the combined benefits of Chainlink and Moonbeam allow for highly-scalable, low-cost, EVM-compatible DeFi applications on Polkadot that are consistently in sync with global financial markets. Indeed, these applications can also take advantage of Moonbeam’s native cross-chain interoperability to power new kinds of multi-chain DApp architectures, which will be a driving force in the next year.