Here’s why the demand for Moonriver (MOVR) could rise as Chainlink integration begins 🚨 This article is 3 years old...
Here’s why the demand for Moonriver (MOVR) could rise as Chainlink integration begins
The native integration with Chainlink oracle services enables EVM developers in the Kusama ecosystem to use external data resources and off-chain computations for building DeFi applications.
2 min read
Updated: Dec. 2, 2021 at 8:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polkadot smart contract parachain Moonbeam recently announced the native integration of Chainlink Price Feeds on Moonriver, marking a pivotal moment for projects building in the Kusama ecosystem.
Moonriver is a layer 1 Ethereum-compatible parachain connected to Kusama, and a permanently incentivized canary network of Moonbeam.
Following the news that Chainlink Price Feeds officially went live on mainnet, market watchers are speculating Moonriver price could pump, with the integration unlocking major functionality like lending, borrowing and sophisticated trading applications.
What does this integration mean?
Chainlink is a decentralized oracle network that brings real-world data to smart contracts at the speed of their native blockchain, including retrieving the latest pricing data of assets.
1/ 🎉 @Chainlink price feeds are live on Moonriver! 🙌
Devs can now use Chainlink’s oracle functionality 🔮 on Moonriver to build DeFi smart contracts using external data resources & off-chain computations without leaving the @kusamanetwork ecosystem.https://t.co/AV6Zn9cGcb
— Moonriver Network (@MoonriverNW) December 1, 2021
“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,” read the announcement, adding that as the Polkadot parachain ecosystem matures, these applications can be deployed on Moonbeam.
“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,” added the announcement.
Since launch, the decentralized oracle network has logged over 800 total integrations of more than 700 Chainlink Data Feeds, and continues counting.
Since launch, there have been 800+ total integrations of 700+ #Chainlink Data Feeds, which have delivered 774M+ data points on-chain.
Integrate the SOL/USD Price Feed on #Ethereum for markets around @solana’s native token, already supported by @WrappedFi. https://t.co/tNjvSZC9WW
— Chainlink – Official Channel (@chainlink) December 2, 2021
MOVR price catalyst
With Chainlink Price Feeds officially live on mainnet, market watchers are speculating the demand for the native token of the Moonriver network (MOVR) to go up.
Since the Chainlink integration:
– $AVAX went up by 1162%
– $FTM went up by 1523%
– $MATIC went up by 1912%
Hmm I wonder what’ll happen to the last chart…
I have a feeling that soon it’ll turn into a straight line on the bottom of the screen just like it did for others. $MOVR pic.twitter.com/nTxPZyby1z— Kusama Maxi (@Kusamaximalist) December 1, 2021
One of them, who goes by the name Kusama Maxi on Twitter, predicted Moonriver price could see a similar upswing that Avalanche (AVAX), Fantom (FTM) and Polygon (MATIC) experienced following Chainlink integration.
While pointing to relevant charts, the maximalist argued Moonriver demand in the following one to three months to go up, citing “DeFi&TVL explosion.”
Indeed, the rapidly expanding DeFi ecosystem relies on decentralized oracle networks that connect smart contracts to off-chain data and computations.
How in sync will developers’ appreciation and investors’ appreciation be this time around?
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Moonriver is a smart-contract parachain on Kusama that provides compatibility with the existing Ethereum developer toolchain and network.
Chainlink
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.