Chainlink releases Substrate to bring oracles to Polkadot

Chainlink releases native Substrate module to bring its oracles to Polkadot

Chainlink release the Substrate module to bring oracles to Polkadot. They have announced the release of Chainlink’s Cost Feeds as a module.

Polkadot and Chainlink have actually announced the release of Chainlink’s Cost Feeds as a module, or “pallet” in Polkadot terminology, for the Substrate blockchain framework.

Substrate

The release indicates that any task building on the Substrate framework, which includes Polkadot and Kusama parachains, along with independent blockchains, can integrate Chainlink oracles through a streamlined library.

The announcement comes as the current outcome of an enduring partnership between Chainlink and Polkadot, now using a tangible item that can allow a variety of DeFi-centric use cases on Polkadot.

The combination as a Substrate pallet means that it depends on each individual parachain to integrate and make it possible for Chainlink oracles. This is a substantial modification from the architecture utilized on Ethereum, where Chainlink nodes frequently publish cost information on each block, which wise contracts can then pick to reference or disregard.

On Polkadot, the more versatile design implies that parachains that do not require Chainlink data will not require to commit any blockchain space to it. On individual parachains, nevertheless, the end outcome might look comparable to Ethereum. Peter Mauric, head of interactions at Parity Technologies, compared the scenario to “as if Chainlink were integrated as an opcode on Ethereum.”

The total Chainlink integration is likely to be welcome news for DeFi-centric parachains like Moonbeam, Stability, or Acala, specifically from the perspective of presenting Ethereum projects to Polkadot. However, there is likely to be extra development work needed to adapt the Chainlink pallet for use with wise contracts.

Chainlink is used by a number of DeFi tasks on Ethereum to check out external market data– a vital requirement for lending procedures, in particular. The project just recently began a shift towards focusing on more than just price information, a pivot that comes at the heels of presenting the Off-Chain Reporting architecture.

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