Chainlink partners with Moonbeam, providing price data for Polkadot

Decentralized oracle network Chainlink (LINK) has officially integrated its price feed into Moonbeam, the first active parachain on Polkadot.

In a press release, Chainlink said it works on Moonbeam. This linkage will allow the builders of the platform to access aggregated price information from various exchanges. This allows decentralized finance (DeFi) developers to bring price accuracy to their decentralized applications (DApps).

Moonbeam founder Derek Yoo mentioned that off-chain asset price accessibility has many uses in DeFi. While resistance to price data manipulation and attacks is hard to come by, Moonbeam believes that Chainlink can solve this problem:

“This Chainlink integration is one of the last ones needed to make the entire building block available to Moonbeam DeFi developers.”

Niki Ariyasinghe, an executive at Chainlink, expressed their support for the Moonbeam developers. Ariyasinghe emphasized that this integration will allow Polkadot developers to create new use cases in interconnected DeFi platforms.

In early June, the price of LINK broke its downtrend, rallying to $9 as the development team announced a new roadmap. In addition, Chainlink has also announced that LINK staking will be included in the project’s Chainlink Economics 2.0. This will allow participants to support the Chainlink network with LINK tokens, allowing it to enhance “crypto economic security”.

Last week, Chainlink introduced Chainlink Keepers as well as Chainlink Verifiable Random Function (VRF) to the Avalanche (AVAX) network. The integration provides automated smart contracts and verified random number generators for DApps built on Avalanche. Ava Labs founder Emin Gün Sirer says that this simplifies the experience for both developers and users.