Moonbeam Integration Of Chainlink Price Feeds
Moonbeam, the top destination for multi-chain applications on Polkadot, Announced the Moonbeam integration of Chainlink Price Feeds as an oracle solution on its smart contract platform. Developers can now leverage Chainlink’s industry-leading oracle network on Moonbeam. To help them build DeFi applications using high-quality, decentralized data—all without leaving the Polkadot ecosystem.
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. This integration helps enable builders to reliably source aggregated price information from many exchanges, helping ensure price accuracy. With this integration, Moonbeam now able to enter its next phase. Paving the way for more sophisticated DApps to launch on the network.
As a parachain on the Polkadot Network. Moonbeam a smart contract platform and is able to natively interoperate with the Relay Chain as well as other parachains. Through Moonbeam’s integration with Chainlink Price Feeds, developers are now able to access high-quality asset data on Polkadot, which is the second most active developer ecosystem after Ethereum according to Electric Capital.
Moonwell Artemis, a collateralized lending protocol on Moonbeam, 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.
Chainlink Price Feeds
Chainlink Price Feeds are on-chain price reference contracts power by decentralized oracle networks. Each decentralized oracle network made up of numerous Sybil-resistant node operators. Which source prices from high-quality data aggregators to generate accurate market prices that are back up by wide market coverage and infrastructure without single points of failure. 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. 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.
Moonbeam developers can get started with Chainlink Price Feeds on Polkadot today through Moonbeam’s developer documentation.
About Chainlink
Chainlink the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external. API and leverage secure off-chain computations for enabling feature-rich applications.
About Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Like Moonriver, its sister parachain on Kusama, Moonbeam is expected to accumulate developer and user activity from the 80+ projects building DApps and protocols on the network.
