Chainlink published oracles for the substrate framework and made price feeds available for Polkadot and Kusama.
# Chainlink Price Feeds are now available as an oracle palette for all # Substrate, # Polkadot, and # Kusama chains. This gives teams building across the Polkadot ecosystem a standardized, easy-to-integrate, and proven Oracle solution to support their DeFi apps
– Chainlink – Official Channel (@chainlink) April 2, 2021
DeFi Alliance supplies fruit
The release of the oracle palette is the result of a DeFi alliance between Chainlink and Polkadot. The latter is the flagship project of the Web3 Foundation, which published the Substrate Framework that powers the Polkadot and Kusama networks, including their parachutes, as well as independent Layer 1 blockchain projects.
Thanks to the palette, developers now have easier access to price feeds in the chain that are required for many DeFi Smart contracts to work.
Polkadot as an alternative for DeFi and NFTs
The lead project for DeFi on the Polkadot network is Acala, which recently won the opening auction for a parachute in the Polkadot Rococo test network. Acala aims to be an all-in-one DeFi hub that offers decentralized exchange as well as yield farming, lending, stable coins and staking services.
Another interesting DeFi project that can be seen on Polkadot is Reef Finance, which aims to provide a cross-chain platform for liquidity aggregation in addition to a crypto debit card. The experimental Kusama network, which can be described as Polkadot’s wild little brother, is also entering the DeFi sector with the Acala spin-off Karura.
Polkadot could also become an interesting alternative for non-fungible tokens due to the high gas fees for creating and trading NFTs on Ethereum. For example, Enjin recently announced that they wanted to secure a parachute on Polkadot for which they raised nearly $ 19 million in a private token sale.
With KodaDot, the Kusama network has opened its first DApp for minting and trading NFTs. One of the projects working on Kusama is Substrapunks, a clone of the popular NFT game Cryptopunks on the Ethereum blockchain. In addition, on March 26th, Kusama funded and organized the world’s first crypto art exhibition in Beijing.