Decentralized Oracle Network Chainlink (LINK) has integrated its service called Chainlink Price Feeds to Moonbeam, a smart contract parachain on Polkadot (DOT), to provide data to developers on the platform.

In a statement sent to Cointelegraph, the Chainlink team noted that the launch of Moonbeam will allow those who build within the platform to access price information compiled and aggregated from many different exchanges. This enables decentralized finance (DeFi) developers to bring price accuracy to their decentralized applications (DApps).

Moonbeam founder Derek Yoo mentioned that access to off-chain asset prices has many uses in DeFi, but resistance to attacks and manipulation of price data is difficult to achieve. However, the Moonbeam founder believes that Chainlink can solve the problem and help DeFi developers within his platform. He explained that:

“This Chainlink integration is one of the latest integrations needed to provide a complete set of building blocks for Moonbeam DeFi developers.”

Chainlink executive Niki Ariyasinghe expressed his support for the Moonbeam developers. Ariyasinghe highlighted that this integration will allow Polkadot developers to create new use cases on interconnected DeFi platforms.

Related: Ocean Protocol, Helium, and Chainlink Post Monthly Gains as Bitcoin Price Consolidates

In early June, LINK price broke its downtrend, rising to $9 as its team announced a new roadmap. Furthermore, Chainlink has also communicated the news that LINK’s stake will be included in the project’s Chainlink Economics 2.0. This will allow participants to back the Chainlink network with LINK tokens, allowing it to have greater “cryptoeconomic security.”

Last week, Chainlink brought Chainlink Keepers as well as Chainlink’s Verifiable Random Function (VRF) to the Avalanche Network (AVAX). The integration provides automated smart contracts and a verified random number generator for DApps built on top of Avalanche. Ava Labs founder Emin Gün Sirer said this simplifies the experience for both developers and users.



This post Chainlink Integrates with Moonbeam to Provide Price Data to Polkadot Developers

was published first on https://cointelegraph.com/news/chainlink-integrates-with-moonbeam-to-provide-price-data-to-polkadot-developers

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