Polkadot and Chainlink aim to significantly expand their use cases, further strengthening their years-long collaboration. Now the blockchain oracle network launched Price Feeds to bring its oracles to all parachains developed on Polkadot and Kusama.
- Polkadot announced the launch of a new solution oracles de chainlink that will allow developers to have solid tools that facilitate the work of designing and building application applications. blockchain customizable and high value within the Polkadot ecosystem.
Just like reported the team on their blog, Chainlink has launched its tool Chainlink Price Feeds, which allows developers to include oracles in all their smart contract applications, built on top of the Polkadot ecosystem.
Oracles will enable applications to access accurate, up-to-date and highly reliable tamper-proof price reference data to drive new products and markets.
The team also reported that in addition to the integration of oracles into the Polkadot ecosystem, they will also be present in Kusama, the test network of this blockchain ecosystem. Also, the developers report that Chainlink prices will be accessible through other tools integrated into a particular parachain; a functionality that will open the doors to new and powerful properties for the network and for parachain teams.
It may interest you: Polkadot launches blockchain bridges to connect different external blockchains
Access to high quality external data
With Chainlink integrated directly into all Polkadot ecosystems, Polkadot developer teams, especially those working on building Substrate-based parachains, will have a simple solution that allows them to access external market data from High quality and completely reliable.
Non-native parachain development teams, such as those building applications on top of a specific parachain, have the option to integrate Chainlink oracle palettes, which will function as a runtime module using any supported smart contract language; the developers explain.
Oracle palettes allow developers to leverage Chainlink's trusted price feeds with limited technical effort, which is compatible with the numerous smart contract and parachain applications that request access to the Price Feeds tool in the Polkadot environment. Furthermore, by having a flexible design, each parachain will decide whether or not to activate the oracles, making more efficient use of this tool.
DeFi on Polkadot
The integration of oracle tools to Polkadot is important for the development and construction of this blockchain. Oracles help enable a large number of advanced features related to smart contracts (smart contracts), by providing reliable data from the real world, in an understandable language, which expands the capabilities of the blockchain and activates new functionalities; For example, decentralized finance (DeFi).
“By integrating Chainlink Price Feeds as an oracle palette available to the Polkadot ecosystem, developers can build high-performing DeFi applications on various parachains, using a rapidly expanding collection of on-chain data sets on cryptocurrencies, commodities, types of exchange and other asset classes.
Polkadot will be able to activate different features for DeFi, such as: Settlement of cross-chain DeFi contracts; implementation of power settlement mechanisms that guarantee the solvency of the platform and the security of user funds; verification of off-chain reserves of various stablecoins, cross-chain assets and tokenized assets; activation of supply mechanisms according to some reference asset; and automation of on-chain execution strategies according to external network conditions.
The well-known DeFi, that decentralized, efficient and transparent financial ecosystem that has become an alternative for thousands of users in the world, are developed based on complex, completely autonomous smart contracts, which eliminate the need for a trusted figure, and therefore Therefore, they allow commercial transactions and operations to be carried out quickly, efficiently and directly between users.
Billions on Chainlink
As Polkadot's statement explains, Chainlink's oracle networks already secure billions in smart contract value, across major DeFi projects, and also in tokens. NFT and digital games that rely on these powerful tools.
Chainlink oracles are coming to Polkadot at an important time for the network. Recently, Enjin, Moonbeam y Acala Network announced important advances in their projects developed in Polkadot, for the construction of innovative applications that offer scalability and high performance.
At press time, LINK, Chainlink's native token, is trading at $30 per unit, and maintains a market capitalization of more than $12.560 billion. For its part, DOT, the Polkadot blockchain token, is trading above $44 and its market capitalization amounts to $43.300 billion, ranking as the fifth most important cryptocurrency in the industry.
Continue reading: Polkadot will be the foundation where Enjin, Moonbeam and Acala Network will build their future
