Crypto Market

Chainlink oracle network integrated into smart contract platform Moonriver » CryptoNinjas

Written by James Smith

Moonbeam, an Ethereum-compatible smart contract platform on Polkadot, has now announced the mainnet integration of Chainlink Price Feeds on Moonriver.

Developers can now leverage Chainlink’s oracle functionality on Moonriver to build DeFi smart contracts using external data resources and off-chain computations—all without leaving the Kusama ecosystem. Moonriver is a parachain on the Kusama network and sister network of Moonbeam. Moonriver provides smart contract developers a test environment to deploy new code under real economic conditions.

Besides, Moonriver is compatible with existing Ethereum toolsets and networks, including a full EVM implementation, a Web3-compatible API, and bridges that connect Moonriver to existing Ethereum networks. This allows devs to deploy existing Solidity smart contracts and dApp frontends to Moonriver with minimal changes, while users can access Moonriver dApps on familiar wallets like MetaMask. 

Chainlink Price Feeds are on-chain price reference contracts powered by decentralized oracle networks. Each decentralized oracle network is made up of numerous Sybil-resistant node operators, which source prices from data aggregators to generate accurate market prices that are backed by wide market coverage and infrastructure without single points of failure.

The integration of Chainlink Price Feeds on Moonbeam provides developers with key features needed for DeFi apps, including:

  • High-Quality Data: Price data is sourced from premium off-chain data aggregators, allowing users to mitigate risks from certain kinds of flash loan attacks as each price point reflects a volume-adjusted aggregate from all trading environments as opposed to a single exchange.
  • Secure Oracle Nodes: Oracle networks are made up of independent, security-reviewed nodes run by leading security and blockchain DevOps teams, protecting users against Sybil and other kinds of infrastructure attacks.
  • Decentralized Computation: Each Price Feed is decentralized at the oracle and data source level, leading to highly available and manipulation-resistant data and oracle services.
  • Proven Oracle Infrastructure: Chainlink secures billions of dollars in value for top DeFi applications, proving its ability to secure large amounts of value on MainNet.

Ultimately, the combined benefits of Chainlink and Moonriver allow for highly-scalable, low-cost, EVM-compatible DeFi applications on Kusama that are consistently in sync with global financial markets. These apps can then be deployed on Moonbeam in the future on the Polkadot parachain ecosystem. 

“Smart contracts are by default insular, having only an ability to reference data that is already on the blockchain. Oracles extend the applicability of smart contracts by making data from the world available on-chain. Chainlink is the most widely adopted oracle and was a top requested integration from the protocol development teams deploying to Moonriver. We are excited to work with Chainlink to enable these teams to launch lending, borrowing, and other protocols that are a core part of the Moonriver DeFi ecosystem.”
– Derek Yoo, Founder of Moonbeam

Those interested can start using Chainlink Price Feeds on Kusama with Moonbeam’s developer docs.

Source link

About the author

James Smith

Leave a Comment