May 28, 2023

Chainlink will give Polkadot developers the ability to collect data off-chain

Article reading time:
2 minutes.

Chainlink will give Polkadot developers the ability to collect data off-chain

Decentralized oracle network Chainlink completes its integration with Moonbeam to provide building blocks for DeFi developers.

The network has integrated its Chainlink Price serviceFeeds to smart contract parachain on Polkadot (DOT) Moonbeam. The Chainlink team assured that the integration will allow developers using the platform to access price information that is compiled and collected from multiple cryptocurrency exchanges.

Integration should allow developersdecentralized finance (DeFi) services to ensure price accuracy in their decentralized applications (dApps). Moonbeam founder Derek Yoo said that off-network asset price access has many uses in DeFi. However, it is quite difficult to achieve resistance to attacks and manipulations with price data:

“Chainlink has been the most requested in our community. This integration is essential to provide a complete set of building blocks for Moonbeam DeFi developers.”

Oracles like Chainlink are third partyservices that extract data from outside the blockchain and bring it inside, ensuring that there are no errors. Services are necessary because blockchains and applications based on them cannot independently verify the correctness of input data, but only function as immutable data stores.

According to Chainlink CEO Niki Ariyasinghe, the integration will allow Polkadot developers to create new network use cases on DeFi platforms.

Earlier, Chainlink Labs announced the launch of a program to help cryptocurrency startups build a business on the blockchain.