Parachains based on Polkadot’s (DOT) Substrate framework now can integrate Chainlink’s (LINK) price oracles data feed in the form of a simple module, the companies announced today.
“Chainlink Price Feeds are now available as an oracle pallet to all Substrate, Polkadot, & Kusama chains. This gives teams building across the Polkadot ecosystem a standardized, easy-to-integrate, & time-tested oracle solution to support their DeFi apps,” said the developers.
#Chainlink Price Feeds are now available as an oracle pallet to all #Substrate, #Polkadot, & #Kusama chains. This gives teams building across the Polkadot ecosystem a standardized, easy-to-integrate, & time-tested oracle solution to support their DeFi appshttps://t.co/Ak1vqQxlYk
— Chainlink – Official Channel (@chainlink) April 2, 2021
In the crypto world, price oracles are special applications that provide external data—such as current prices of various digital assets—to other blockchain projects. For example, such information is crucial for decentralized finance (DeFi) lending platforms.The new service was launched in the form of a module (or “pallet”) for the Substrate blockchain framework which includes Polkadot, Kusama, and other independent blockchains built on it. As a result, various parachains now can integrate Chainlink’s price oracles using a simple library.
“Chainlink Price Feeds will allow smart contract applications across the Polkadot ecosystem to access accurate, up-to-date and tamper-proof price reference data for powering new products and markets,” the announcement added.
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