Polkadot's Moonbeam Integrates Chainlink Price Feeds

Polkadot's Moonbeam Integrates Chainlink Price Feeds

Moonbeam developers may begin using Chainlink Price Feeds on Polkadot via the platform's developer documentation now.

On June 15, Polkadot-based smart contract platform Moonbeam officially stated that it successfully integrated Chainlink (LINK) Price Feeds on its smart contract platform. From now on, decentralized finance (DeFi) devs will have the ability to leverage price data from a number of exchanges.

The integration will guarantee price accuracy and enable builders to create more advanced decentralized applications (dApps).

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Derek Yoo, CEO and founder of Moonbeam, recently implied that a significant amount of decentralized finance (DeFi) utilization cases “require references to off-chain asset prices,” adding that the prevention of various attacks in price data is an intricate problem that requires a lot of efforts to solve.

On top of that, Yoo shared his belief that the platform is one of the most efficient ways to find a solution, which also provides DeFi devs a helping hand on Moonbeam. He also added that this integration “is one of the last integrations needed to provide a full set of building blocks to Moonbeam DeFi developers.”

Furthermore, a global exec at Chainlink Niki Ariyasinghe also expanded and added that the Chainlink integration will assist Polkadot developers in building brand new utilization cases in DeFi platforms. He concluded:

“Price Feeds complete a critical component of Moonbeam’s developer infrastructure, and that’s something that will lead to the development of future DeFi products.”

In other news, earlier in June, Chainlink rolled out two new services called Chainlink Verifiable Random Function (VRF) and Chainlink Keepers on the subnet Avalanche Primary Network to assist Avalanche (AVAX) developers.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree