Decentralised oracle network Chainlink (LINK) has connected its service called Chainlink Price Feeds to Moonbeam, a smart contract parachain on Polkadot (DOT), to offer data to developers in the platform.
Chainlink’s team emphasises that going live on Moonbeam will allow developers to receive pricing information collated and aggregated from various exchanges. This allows decentralised finance (Defi) developers to offer pricing accuracy to their decentralised apps (DApps).
Moonbeam founder Derek Yoo said that access to off-chain asset pricing has numerous benefits in Defi. Resilience to attacks and manipulation in price data is challenging to establish. However, the Moonbeam creator believes that Chainlink can overcome the issue and aid Defi developers inside their platform. He said that:
“This Chainlink integration is one of the last integrations needed to provide a full set of building blocks to Moonbeam DeFi developers.”
Niki Ariyasinghe, an executive at Chainlink, voiced their support for Moonbeam developers. Ariyasinghe underlined that this integration would allow Polkadot developers to design new use cases in linked Defi platforms.
#Chainlink Price Feeds are live on @MoonbeamNetwork!
Developers can now combine secure, high-quality, decentralized market data with Moonbeam’s interoperability features to create novel #multichain DeFi applications.https://t.co/8kYlFOD23q
— Chainlink (@chainlink) June 15, 2022
Earlier in June, LINK’s price reversed its downward trend, rebounding to $9 when its team presented a new strategy. Chainlink said that LINK staking would be featured in the project’s Chainlink Economics 2.0. This helps players to back the Chainlink network with LINK tokens, leading to more “crypto-economic security.”
Last week, Chainlink brought Chainlink Keepers and Verifiable Random Function (VRF) to the Avalanche (AVAX) network. The integration enables DApps built on Avalanche with automated smart contracts and a certified random number generator. According to Emin Gün Sirer, the founder of Ava Labs, this streamlines the experience for both developers and end-users.