Developers on Moonbeam Can Now Use Chainlink Oracles with Solidity Smart Contracts on Polkadot Parachain
Singapore – December 17, 2020 – PureStake, the company developing the Moonbeam smart contract platform, has completed an integration of Chainlink into the Moonbeam TestNet environment. This integration brings Chainlink’s market-leading oracle functionality to Moonbeam, enabling developers to build smart contracts using any external data resource—all without leaving the Polkadot ecosystem. The initial integration includes the deployment of Chainlink’s widely used Price Feeds on Moonbeam, giving dApps access to the largest collection of on-chain market data backed by secure, reliable, and already live decentralized oracle networks.
Chainlink is the most widely-adopted oracle network on Ethereum and an essential DeFi infrastructure component. By deploying Chainlink to the Moonbeam TestNet — and eventually to its Kusama and Polkadot parachain deployments — new protocols launching in the Moonbeam ecosystem will have built-in access to Chainlink.
As a TestNet integration, projects are able to:
- Immediately leverage Chainlink Price Feeds for DOT, KSM, ETH, BTC in their smart contracts with PureStake’s Moonbeam Oracle: How to use Chainlink Feeds and How to fetch data
- Start running their own Chainlink oracle with customizable data feeds for Moonbeam’s TestNet: How to run an Chainlink oracle node on Moonbeam
- Sign up to provide their own unique data to the Chainlink ecosystem for consumption by Moonbeam smart contracts. How to be a data provider on Chainlink
To learn more about the Chainlink integration, view the tutorials on the Moonbeam documentation website.
The integration of Chainlink Price Feeds on Moonbeam provides developers with a multitude of key features needed for DeFi applications, including:
- High-Quality Data: Price data is sourced from premium off-chain data aggregators, allowing users to mitigate flash loans as each price point reflects a volume-adjusted aggregate from all trading environments as opposed to a single exchange.
- Secure Oracle Nodes: Oracle networks are made up of independent, security-reviewed nodes run by leading security and blockchain DevOps teams, protecting users against Sybil attacks.
- Decentralized Computation: Each Price Feed is decentralized at the oracle and data source level, leading to highly available and manipulation resistant data and oracle services.
- Proven Oracle Infrastructure: Chainlink secures billions of dollars in value for top DeFi applications, proving its ability to secure real value live on MainNet.
“Moonbeam has quickly become a destination for Solidity projects that want to easily expand to Polkadot,” said Derek Yoo, CEO of PureStake and head of the Moonbeam project. “The integration of Chainlink’s decentralized technology adds significant functionality to our smart contract platform and gives developers immediate access to secure and reliable price data for their DeFi applications.”
Since Moonbeam was designed as an easy on-ramp to Polkadot with complete Ethereum compatibility, the existing Chainlink smart contracts were able to be deployed to the Moonbeam TestNet without the need for refactoring or changes. This is made possible by Moonbeam’s additional support for Solidity smart contracts that goes beyond the EVM to include Ethereum-standard tools, account formats, and signatures. Once parachain functionality is live on Polkadot, this will allow Solidity developers to re-deploy existing contracts to the network without hiring new developers or significantly rewriting their codebase.
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/
PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.