Chainlink integrates with Polkadot and announced that Parachains on Polkadot’s Substrate framework, can now integrate Chainlink’s Price feed in the form of a simple module. “Chainlink Price Feeds will allow smart contract applications across the Polkadot ecosystem to access accurate, up-to-date, and tamper-proof price reference data for powering new products and markets,” the announcement added.
That means projects built on a substrate framework can integrate Chainlink oracles through a simplified library. It includes Polkadot and Kusama Parachains and independent blockchains. It is up to every single parachain to integrate and enable Chainlink oracles. This is a significant change from the architecture used on ethereum. There, Chainlink’s nodes regularly add price data on each block. Smart contracts can use it as a reference or ignore.
According to developers, the quality of data, decentralized infrastructure, robust security, and cost-efficiency are advantages of Chainlink Price Feeds. Besides, applications will have multiple functions. It includes settling cross-chain smart contracts and operating liquidation mechanisms, confirming authenticity of reserves that collateralize stable coin, among others.
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Chainlink securely connects smart contracts to real-world data and off-chain computation that exists outside the native blockchain. The Chainlink oracle network secures billions in innovative contract value based on gaming, NFT, and DeFi projects. Initially, it will integrate Chainlink’s data feeds on all parachains in an easy-to-integrate manner. Developers will use the platform’s flexibility to access external data and off-chain computation.
“We’re excited to empower developers across all parachains by providing them with a standardized, easy to integrate oracle solution for access to a wide range of high-quality, time-tested on-chain price feeds. By doing so, we can rapidly accelerate DeFi development within the Polkadot ecosystem while maintaining the highest security and data quality requirements to ensure its growing suite of DeFi projects run in a precise, tamperproof, and hyper-reliable manner.” Daniel Kochis, head of business development at Chainlink, concluded.
