Chainlink price feeds are coming to the Karura parachain 🚨 This article is 4 years old...
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Chainlink price feeds are coming to the Karura parachain
Chainlink oracles power a lot of DeFi apps, and they are finding a place in the Polkadot ecosystem.
2 min read
Updated: Nov. 3, 2021 at 12:55 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Karura, the decentralized finance (DeFi) parachain built for Kusama by Acala, will integrate Chainlink Price Feeds. Following the recent launch of a Chainlink Oracle Pallet, this integration will enable Karura smart contract developers to benefit from precise market data directly on-chain.
Chainlink Oracles To Keep The Ecosystem Secure
As demand for smart contracts climbs, Chainlink’s new modular oracle pallet aims to power all projects within the Polkadot ecosystem, including parachains, substrate chains, and Kusama-based parachains like Karura, with trusted on-chain information and precise financial market data.
As a sister chain to Acala, Karura aims to achieve the same goal within the Kusama ecosystem. Progressing on its mission, Acala Foundation has announced its plan to integrate Chainlink Price Feeds to Karura, the all-in-one DeFi conduit of Kusama.
Karura will help non-native parachain teams and dApps seamlessly integrate the standardized substrate Chainlink oracle pallet into a runtime module using any supported smart contract language to virtually access any external, real-world resource.
Smart contract developers using the Kusama and Polkadot network can leverage Chainlink pallets as their go-to pricing data delivery solution. All Chainlink Price Feeds are secure, resistant to manipulation, and offer premium data quality using multiple independent oracles to qualify and pull the same data point. Developers will save time and resources while avoiding the risks associated with using their own oracles.
A Boon For Substrate And Parachain Developers
Before launching its parachain on Polkadot, Chainlink, the de-facto standard of oracle networks with billions in smart contract value, will release a parachain on Kusama.
Kusama and Polkadot are both independent, standalone networks. Although built similarly, Kusama is a faster multi-chain network designed for radical innovation. By extension, Karura intends to become the preeminent DeFi destination of Kusama.
The project currently offers a suite of financial applications, including a multi-collateralized stablecoin (kUSD) and an automated market-maker DEX – all with micro gas fees, payable in any token.
With the added ability to integrate Chainlink oracle pallets and Price Feeds, developers and dApps can push the limits of what’s possible within the Kusama network and launch bold new financial innovations.
This integration comes with several advantages for developers, including Chainlink’s time-tested oracle security and premium data quality alongside Kusama’s plug-and-play security, fast processing speeds, operability across decentralized networks, and minimal gas fee.
All in all, with the integration of Chainlink Price Feeds, developers using the Kusama and Polkadot networks will not only gain access to an easily integrated oracle price oracle solution but also cut overheads and increase overall efficiency.
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
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