Decentralized oracle network Chainlink (LINK) has integrated its service called Chainlink Price Feeds to Parachain Moonbeam, a smart contract on Polkadot (DOT) to provide data to developers in the platform.
In a release sent to Cointelegraph, the Chainlink team noted that going live on Moonbeam will allow builders within the platform to access price information compiled and aggregated from many different exchanges. It allows decentralized finance (DeFi) developers to bring value accuracy to their decentralized applications (dApps).
Moonbeam founder Derek Yu noted that DeFi has many uses for access to off-chain asset prices, but resistance to attacks and manipulation of price data is difficult to achieve. However, the founder of Moonbeam believes that Chainlink has been able to address this issue and help DeFi developers within their platform. He explained that:
“This Chainlink integration is one of the final integrations needed to provide a complete set of building blocks to Moonbeam DeFi developers.”
Nikki Ariasinghe, an executive at Chainlink, expressed his support for the Moonbeam developers. Ariasinghe highlighted that this integration will allow Polkadot developers to create new use cases in the interconnected DeFi platform.
related: Ocean Protocol, Helium and Chainlink Post Monthly Gains While Bitcoin Price Consolidates
In early June, when its team announced a new roadmap, the price of LINK broke its decline, rallying to $9. In addition, Chainlink also reported to the news that link staking will be included in the project’s Chainlink Economics 2.0. This will allow participants to back the Chainlink network with LINK tokens, giving it increased “crypto-economic security”.
Last week, Chainlink brought Chainlink Keepers as well as Chainlink Verifiable Random Function (VRF) to the Avalanche (AVX) network. The integration provides dApps built on top of Avalanche with automated smart contracts and a verified random number generator. Ava Labs founder Emin Gun Sirer said it simplifies the experience for both developers and users.