Polkadot has integrated with Chainlink to integrate its Oracle service into its multi-chain environment. In this way, the various teams that build on Polkadot can rely on a “flexible and reliable” solution to provide the parachutes with information.
Chainlink price feeds have been activated as the Oracle substrate palette and can be accessed from any other palette integrated into a parachute chain. Deployable applications therefore have “powerful new functionality”. According to a statement from the Polkadot team:
Chainlink Price Feeds enables intelligent contract applications across the Polkadot ecosystem to access accurate, current and tamper-evident price benchmark data to drive new products and markets.
Chain link for feeding DApps in polkadot
Parachutes based on the substrate network have a direct connection to the information provided by Chainlink about the outside world via a runtime module. The palette can be added with supported smart contract programming languages before or after it is connected to the chain relay. Polkadot’s team explains:
With both approaches, developers can use Chainlink’s price sources with limited technical effort. This integration is compatible with the many smart contract applications and parachute pallets that request access to Chainlink price feeds in the Polkadot environment.
In addition, a standard is being worked on that will allow the use of data sources in all Polkadot parachutes. The focus will be on easy integration to take advantage of the 4 main functions of Chainlink: high quality data, decentralized infrastructure, secure nodes and cost efficiency.
Applications that connect to the Chainlink palette can add a collection of on-chain records for cryptocurrencies, exchange rates, commodities, and other assets.
In addition, the applications will have several functions, e.g. B. the settlement of intelligent contracts between chains, the operation of settlement mechanisms and the confirmation of the authenticity of the reserves, which among other things secure a stable currency.
Peter Mauric, Head of Public Affairs at Parity Technologies, believes that with this integration, Polkadot developers will be able to create the “next generation of high-performance distributed applications”. Daniel Kochis, Director of Business Development at Chainlink, said:
We’re excited to give developers of all parachutes the ability to deliver a standardized, easy-to-integrate Oracle solution that gives them access to a wide range of proven, high-quality on-chain pricing. In this way, we can quickly accelerate the development of DeFi within the Polkadot ecosystem and at the same time meet the highest requirements for data quality and security (…).
As of this writing, the DOT is trading at $ 43.88, up 10.9% on the 24-hour chart. In the 7-day chart, the DOT is growing by 32.4% and has managed to oust Cardano (ADA) in total market capitalization.
DOT with moderate gains on the 24-hour chart. Source: DOTUSDT Tradingview
On the flip side, LINK is trading at USD 30.82 with a sideways movement on the daily chart and a gain of 12.3% on the weekly chart.
LINK moving sideways on the 24-hour chart. Source: LINKUSDT Tradingview