Chainlink Now Supports the Most Active DApp Ecosystem on Polkadot
Boston, MA – June 15, 2022 – Moonbeam, the top destination for multi-chain applications on Polkadot, announced the native integration of Chainlink Price Feeds as an oracle solution on its smart contract platform. Developers can now leverage Chainlink’s industry-leading oracle network on Moonbeam to help them build DeFi applications using high-quality, decentralized data—all without leaving the Polkadot ecosystem.
The availability of Chainlink Price Feeds completes a critical piece of Moonbeam’s developer infrastructure, bringing a proven oracle network to the top DeFi applications building on the Moonbeam network. The integration of Price Feeds helps enable builders to reliably source aggregated price information from many exchanges, helping ensure price accuracy. With this integration, Moonbeam is now able to enter its next phase, paving the way for more sophisticated DApps to launch on the network.
“Many DeFi use cases require references to off-chain asset prices, but providing oracle price feeds that are resilient to attack and manipulation is a hard problem,” says Derek Yoo, Founder of Moonbeam. “Chainlink sets the standard when it comes to oracle security and reliability and has been a top-requested integration from developers building on Moonbeam. This Chainlink integration is one of the last integrations needed to provide a full set of building blocks to Moonbeam DeFi developers. We are excited to see how developers will combine Chainlink Price Feeds with Moonbeam’s interoperability features to create novel multi-chain DeFi protocols.”
As a parachain on the Polkadot network, Moonbeam serves as a smart contract platform and is able to natively interoperate with the Relay Chain as well as other parachains. Through Moonbeam’s integration with Chainlink Price Feeds, developers are now able to access high-quality asset data on Polkadot, which is the second most active developer ecosystem after Ethereum according to Electric Capital.
Moonwell Artemis, a collateralized lending protocol on Moonbeam, is using Chainlink Price Feeds to power lending and borrowing with price data from a wide range of tokens available on the Polkadot ecosystem, including DOT.
“DeFi applications like Moonwell rely on trust-minimized market data to maintain economic security. Chainlink Price Feeds has become the industry standard for accurate and high-quality price data, and this integration will help enable the Moonwell protocol to provide a safer lending and borrowing experience,” said Luke Youngblood, co-founder of Lunar Labs.
Chainlink Price Feeds are on-chain price reference contracts powered by decentralized oracle networks. Each decentralized oracle network is made up of numerous Sybil-resistant node operators, which source prices from high-quality data aggregators to generate accurate market prices that are backed by wide market coverage and infrastructure without single points of failure. Chainlink Price Feeds already help secure tens of billions of dollars in on-chain value across DeFi, including for top protocols like Aave, Compound, Sushi, and more.
Ultimately, the combined benefits of Chainlink and Moonbeam allow for highly-scalable, low-cost, EVM-compatible DeFi applications on Polkadot that are consistently in sync with global financial markets. These applications can also take advantage of Moonbeam’s native cross-chain interoperability to power new kinds of multi-chain DApp architectures, which will be a driving force in the next year.
“We’re pleased to support the Moonbeam ecosystem with the native integration of Chainlink Price Feeds, enabling Polkadot developers to unlock new use cases with interoperable DeFi platforms,” stated Niki Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs. “With high-quality, robust, and decentralized price data from Chainlink Price Feeds, developers can build more secure and reliable applications.”
Moonbeam developers can get started with Chainlink Price Feeds on Polkadot today through Moonbeam’s developer documentation.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About the Moonbeam Network
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.