LINK Price Oracles Are Coming To Polkadot (DOT): Report

LINK price oracles are now coming to Polkadot so the parachains on the network can access Chainlink’s wide range of time-test and high-quality on-chain price feeds so let’s read more about it in our latest chainlink news today.

Parachains based on the Polkadot Substrate framework can integrate Chainlink’s price oracles data feed in a form of a module as 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.”

In the crypto world, the price oracles are really special applications that provide external data like the current prices of various digital assets to other blockchain projects like information that is crucial for decentralized finance lending platforms. The new service was launched in a pallet or module form for the Substrate blockchain framework including Polkadot and Kusama. As a result, the parachains 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.”

#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

The parachain developers can choose whether to integrate the oracle’s data feed in each case so, in contrast to Ethereum where Chainlink nodes are going to add price data to each block, the Substrate parachains can save block space if they don’t need the oracles’ data. The LINK price oracles are among the main advantages of the network as the developers highlighted the quality of its data, security, cost efficiency, and decentralized infrastructure. The head of Business development at Chainlink, Daniel Kochis noted:

 “By [releasing Chainlink Price Feeds pallet], we can rapidly accelerate DeFi development within the Polkadot ecosystem, while maintaining the highest security and data quality requirements to ensure its growing suite of DeFi projects run in a precise, tamperproof and hyper-reliable manner.”

Also as reported, Bloomberg Terminal added chainlink price data options as well as support for 5 other coins for professional traders to be able to monitor and analyze real-time financial market data. Bloomberg Terminal is a platform that allows professional traders to analyze real-time market data which now added price tracking for chainlink and six other cryptocurrencies including Orchid, OMG Network, EOS, Tezos, Stellar, and Chainlink.