Parachains based on Polkadot (DOT) platform can now integrate Chainlink (LINK) price feed oracles as a simple module, the companies announced today.
“The Chainlink price feed is currently available as an oracle pallet for all Substrate, Polkadot and Kusama chains. This gives teams building across the Polkadot ecosystem a standardized, easy-to-integrate and time-tested oracle solution to support their DeFi applications, ”the developers said. know.
# Chain link The price feed is currently available as an oracle pallet for everyone #Substrate, #Polkadot& #Kusama necklace. This gives teams building across the Polkadot ecosystem a standardized, easy-to-integrate, and time-tested prophecy solution to support their DeFi application .ttps: // t. co / Ak1vqQxlYk
– Chainlink – Official channel (@chainlink) April 2, 2021
In the world of cryptocurrencies, price feats are special applications that provide external data – such as the current prices of various digital assets – to other blockchain projects. Such information, for example, is crucial for decentralized financial lending (DeFi) platforms.
The new service is launched as a module (or “pallet”) for the Substrate blockchain framework including Polkadot, Kusama and other independent blockchains built on top of it. As a result, many parachains can now integrate Chainlink pricing orachains using a simple library.
“The Chainlink pricing feed will allow smart contract applications across the Polkadot ecosystem to access accurate, up-to-date, and tamper-proof price reference data to power products and markets. new school ”, the notice adds.
Notably, parachain developers can choose whether or not to integrate a data feed of oracles on a case-by-case basis. This is in contrast to Ethereum, where Chainlink nodes continuously add price data to each block. This way, Substrate-based parachains will be able to save some block space if they don’t really need oracles’ data.
Among the main advantages of Chainlink Pricing Feeds, developers have emphasized data quality, decentralized infrastructure, strong security, and cost effectiveness.
“Because [releasing Chainlink Price Feeds pallet]We can rapidly accelerate DeFi development within the Polkadot ecosystem, while maintaining the highest requirements for data security and quality to ensure its evolving DeFi project suite runs precise, tamper-proof and super reliable, ”concludes Daniel Kochis, Head of Business Development Chainlink.
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