Chainlink Now Supports the Most Active DApp Ecosystem on Kusama
Singapore – December 1, 2021 – Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced the native integration of Chainlink Price Feeds on Moonriver. Developers can now leverage Chainlink’s market-leading oracle functionality on Moonriver to build DeFi smart contracts using external data resources and off-chain computations—all without leaving the Kusama ecosystem.
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 top protocols like Aave, Compound, Sushi Kashi, and more.
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 risks from certain kinds of flash loan attacks 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 and other kinds of infrastructure 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 large amounts of value on MainNet.
Moonriver is a parachain on the Kusama network and sister network of Moonbeam. Moonriver provides smart contract developers an experimental environment to deploy new code under real economic conditions. Moonriver is optimized to provide compatibility with existing Ethereum toolsets and networks, including a full EVM implementation, a Web3-compatible API, and bridges that connect Moonriver to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and dApp frontends to Moonriver with minimal changes, and users to access Moonriver dApps through familiar wallets such as MetaMask.
Ultimately, the combined benefits of Chainlink and Moonriver allow for highly-scalable, low-cost, EVM-compatible DeFi applications on Kusama that are consistently in sync with global financial markets. These applications can then be deployed on Moonbeam in the near future as the Polkadot parachain ecosystem crystallizes.
“Smart contracts are by default insular, having only an ability to reference data that is already on the blockchain,” said Derek Yoo, Founder of Moonbeam. “Oracles extend the applicability of smart contracts by making data from the world available onchain. Chainlink is the most widely adopted oracle and was a top requested integration from the protocol development teams deploying to Moonriver. We are excited to work with Chainlink to enable these teams to launch lending, borrowing, and other protocols that are a core part of the Moonriver DeFi ecosystem.”
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.
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 January 2022. Learn more: https://moonbeam.network/.