Polkadot Parachains can now choose to add Chainlink price feeds to their runtime.
Polkadot and Chainlink have announced the release of Chainlink Price Feeds as a module, or “palette” in Polkadot terminology, for the Substrate blockchain framework.
The release means that any project that builds on the Substrate framework, which includes the Polkadot and Kusama parachains, as well as standalone blockchains, can integrate Chainlink oracles through a simplified library.
Polkadot launches DeFi alliance with Chainlink and will let 1,000 nodes flourish
The announcement is the latest result of a long-standing collaboration between Chainlink and Polkadot, now offering a tangible product that can enable a number of DeFi-focused use cases in Polkadot.
Integration as a Substrate palette means that it is up to each individual Parachain to integrate and enable Chainlink oracles. This is a significant change from the architecture used in Ethereum, where Chainlink nodes regularly publish price data in each block, which smart contracts can choose to reference or ignore.
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At Polkadot, the more flexible design means that parachains that don’t need Chainlink data won’t need to dedicate any blockchain space to it. On individual parachains, however, the end result can look like Ethereum. Peter Mauric, head of communications at Parity Technologies, compared the situation to “as if Chainlink is embedded as an opcode on Ethereum.”
Full Chainlink integration is likely to be good news for DeFi-focused parachains like Moonbeam, Equilibrium or Acala, especially from the perspective of presenting Ethereum projects to Polkadot. However, additional development work is likely to be required to adapt the Chainlink palette for use with smart contracts.
Chainlink rolls out OCR system upgrade, reducing gas costs tenfold
Chainlink is used by various DeFi projects on Ethereum to read external market data, a critical need for lending protocols, in particular. The project recently initiated a shift to focus on more than just price data, a shift that comes immediately after the introduction of the Off-Chain Reporting architecture.
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