The leader in multi-chain applications on Polkadot, Moonbeam, has announced the native integration of Chainlink Price Feeds as an oracle solution on its smart contract platform.
Without leaving the Polkadot ecosystem, developers can now access Chainlink’s industry-leading oracle network on Moonbeam to construct DeFi apps using high-quality, decentralised data.
The addition of Chainlink Price Feeds to Moonbeam’s developer infrastructure brings a proven oracle network to the leading DeFi apps being built on the Moonbeam network.
The use of Pricing Feeds enables developers to consistently get aggregated price data from many exchanges, hence ensuring price correctness.
“Many DeFi use cases need references to off-chain asset values, but delivering oracle price feeds that are immune to attack and manipulation is a difficult challenge,” explains Moonbeam’s founder, Derek Yoo.
Build multi-chain DeFi protocols thanks to Moonbeam’s interoperability
“Chainlink sets the benchmark for oracle security and dependability, and its integration with Moonbeam has been the most-requested by developers.
This Chainlink connection is one of the last integrations required to offer Moonbeam DeFi developers with a complete set of building blocks.
We are eager to see how developers will use Chainlink Price Feeds and Moonbeam’s interoperability capabilities to build unique multi-chain DeFi protocols.”
As a parachain on the Polkadot network, Moonbeam functions as a smart contract platform and can interoperate natively with both the Relay Chain and other parachains.
Through Moonbeam’s connection with Chainlink Price Feeds, developers can now access high-quality asset data on Polkadot, which according to Electric Capital is the second most active developer environment behind Ethereum.
Moonwell Artemis, a collateralized lending protocol on Moonbeam, is using Chainlink Price Feeds to support lending and borrowing with price data from a broad variety of Polkadot currencies, including DOT.
“DeFi apps such as Moonwell depend on market data with little trust to preserve economic security. This integration will allow the Moonwell protocol to provide a safer lending and borrowing experience.” according to Luke Youngblood, co-founder of Lunar Labs.
Chainlink Price Feeds are decentralised oracle-powered on-chain price reference contracts. Each decentralised oracle network consists of several Sybil-resistant node operators who source prices from high-quality data aggregators to create accurate market prices supported by extensive market coverage and infrastructure devoid of single points of failure.
Ultimately, the combined advantages of Chainlink and Moonbeam enable extremely scalable, low-cost, EVM-compatible DeFi applications on Polkadot that are always in sync with the global financial markets.
In addition, these apps may use Moonbeam’s inherent cross-chain interoperability to enable new types of multi-chain DApp designs, which will be a driving factor in the next year.
“We are delighted to assist the Moonbeam ecosystem with the native integration of Chainlink Price Feeds, allowing Polkadot developers to uncover new use cases with interoperable DeFi systems,” said Niki Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs.
With Chainlink Pricing Feeds’ high-quality, resilient, and decentralised price data, developers may create more secure and dependable apps.
Moonbeam’s developer guide allows developers to get started with Chainlink Price Feeds on Polkadot immediately.
Chainlink is the industry standard for developing, acquiring access to, and selling the oracle services required to enable hybrid smart contracts on any blockchain.
Chainlink oracle networks provide smart contracts with a method for connecting consistently to any external API and using secure off-chain computations to enable applications’ full functionality.
Chainlink safeguards tens of billions of dollars across DeFi, insurance, gaming, and other vital industries, and offers global organisations and leading data providers a doorway to all blockchains.
Moonbeam is a smart contract platform on the Polkadot network that enables the creation of interoperable native applications.
This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with little adjustments.
Similar to Moonriver, its sister parachain on Kusama, Moonbeam is expected to encourage developer and user participation from the network’s more than 80 teams building DApps and protocols.
As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot Relay Chain and interacts with other chains that are connected to Polkadot.
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