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 supply parachutes with information.
Chainlink price feeds have been activated as a Substrate Oracle palette and can be accessed from any other palette integrated into a parachute chain. Deployable applications therefore have “powerful new features”. According to a communication from Polkadot’s team:
Chainlink Price Feeds enables intelligent contract applications across the Polkadot ecosystem to access accurate, current and tamper-proof price reference data to power new products and markets
Chain link to power DApps on Polkadot
Parachains based on the Substrate network have a direct connection to the information provided by Chainlink to the outside world via a runtime module. The palette can be added using supported smart contract programming languages before or after connecting to the chain relay. Polkadot’s team explains:
With both approaches, developers can use Chainlink Price Feeds with limited technical effort. This integration supports the many smart contract applications and parachute pallets that request access to Chainlink price feeds across the Polkadot environment.
In addition, a standard is being worked on to enable the use of the data feeds in all Polkadot parachutes. The focus will be on simple integration to use the 4 main functions of Chainlink: high quality data, decentralized infrastructure, secure nodes, cost efficiency.
Apps that connect to the Chainlink range can add a collection of on-chain records for cryptocurrencies, exchange rates, goods and other assets.
In addition, applications will have multiple functions, such as: B. the processing of cross-chain intelligent contracts, the operation of liquidation mechanisms and the confirmation of the authenticity of reserves that secure a stable coin.
Peter Mauric, Head of Public Affairs at Parity Technologies, believes that with this integration, Polkadot developers can create the “next generation of high-performance distributed applications”. Daniel Kochis, Head of Chainlink Business Development, said:
We’re excited to give developers in all parachutes the ability to provide a standardized, easy-to-integrate Oracle solution for accessing a wide range of high quality, proven on-chain price feeds. In this way, we can quickly accelerate the DeFi development within the Polkadot ecosystem while meeting the highest security and data quality requirements (…).
At the time of writing, the DOT is trading at $ 43.88, up 10.9% on the 24-hour chart. On the 7-day chart, DOT is posting a 32.4% gain and has managed to displace 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 $ 30.82 with a sideways move on the daily chart and a gain of 12.3% on the weekly chart.
LINK shows the page movement in the 24-hour table. Source: LINKUSDT Tradingview