Chainlink (LINK), the decentralized oracle network, has integrated its service called Chainlink Price Feeds to Moonbeam, a smart contract parachain on Polkadot (DOT), to provide data to developers in the platform.
It has been reported that Chainlink's team noted that going LIVE on Moonbeam will allow those who build within the platform to access price information that’s compiled and aggregated from many different exchanges. This allows decentralized finance (DeFi) developers to bring price accuracy to their decentralized applications (DApps).
Derek Yoo, the founder of Moonbeam, mentioned that access to off-chain asset prices has many uses in DeFi, but resistance to attacks and manipulation in price data is hard to achieve.
He believes that Chainlink is able to solve the issue and can help DeFi developers within their platform.
He explained:
“This Chainlink integration is one of the last integrations needed to provide a full set of building blocks to Moonbeam DeFi developers.”
Niki Ariyasinghe, the Executive at Chainlink, expressed their support for Moonbeam developers. Ariyasinghe highlighted that this integration will allow Polkadot developers to create new use cases in interconnected DeFi platforms.
However, earlier in June, LINK's price has broken its downward trend, rallying to $9 when its team announced a new roadmap. Additionally, Chainlink has also told the news that LINK staking will be included in the project's Chainlink Economics 2.0. This will let participants back to the Chainlink network with LINK tokens, allowing it to have increased "crypto-economic security."
Last week, Chainlink brought Chainlink Keepers as well as Chainlink Verifiable Random Function (VRF) to the Avalanche (AVAX) network. The integration provides automated smart contracts and a verified random number generator to DApps built on top of Avalanche.
Thus, Ava Labs founder Emin Gün Sirer said that this simplifies the experience of both developers and users.
Source: Cointelegraph