Finance

The Grand Collaboration Between Chainlink And Polkadot’s Moonbeam

06/16/2022
Bitcoin Ethereum News

Moonbeam

  • The purpose of this integration of CHAINLINK and Polkadot’s Moonbeam is to provide pricing data to the blockchain developers onto the platform.
  • This step taken by Polkadot into Moonbeam is going to improve the Defi world, especially the developers.
  • Currently, CHAINLINK is trading at 7.3706 USD.

In a recent tweet by the Moonbeam network, it is clearly mentioned, quoted: “The integration of Chainlink Price Feeds doesn’t only support DeFi, it will also be a foundational element for building next-gen DeFi apps that are able to interact with & control assets across the many blockchains on Moonbeam.”

What Is The Whole Fuzz About

Everyone is talking about the merger between Moonbeam, a smart contract parachain on Polkadot (DOT), and the Decentralized oracle network Chainlink (LINK).

The vision behind this integration of services is to provide data to the blockchain developers on this decentralized platform.

As you might already know, different exchanges contain different information regarding the price points and finances of cryptocurrency coins as well as tokens. 

Therefore, to bring accuracy to their dapps, commonly known as decentralized apps, the developers can now enjoy the benefit of accessing the price and finance information compiled and collected from various exchanges throughout the world.

How Is This Beneficial For The Developers?

This step taken by Polkadot into Moonbeam is going to improve the Defi world, or in other words, the Decentralized finance world massively and significantly.

This information about asset pricing, also known as the off-chain asset prices are very valuable in the defi (decentralized finance) world. Earlier, the problem was it is very difficult to avoid the data manipulation and cyber attacks.

But this issue is finally being solved by this merger of CHAINLINK into the Moonbeam by Polkadot, eventually helping the blockchain finance developers.

The Founder of Moonbeam, Derek Yoo gave the statement:

“This Chainlink integration is one of the last integrations needed to provide a full set of building blocks to Moonbeam DeFi developers.”

Overall, the merger is likely to benefit parties on both sides of the equation and is hopefully, a positive direction in decentralized finance.

Source: https://www.thecoinrepublic.com/2022/06/16/the-grand-collaboration-between-chainlink-and-polkadots-moonbeam/