PureStake, the company developing Moonbeam’s smart contract platform, has completed integration of Chainlink into the Moonbeam TestNet environment. This integration brings Chainlink’s oracle functionality to Moonbeam, enabling developers to build smart contracts using any external data resource – all without leaving the Polkadot ecosystem.
Initial integration includes the use of the widely used Chainlink Price Fee on Moonbeam, giving dApps access to the largest collection of market data on the chain complemented by secure, reliable decentralized oracle networks that are already live.
Chainlink is the most widely adopted oracle network on Ethereum and is an essential DeFi infrastructure component. By deploying Chainlink to Testbeet Moonbeam – and eventually, to its parachain locations Kusama and Polkadot – new protocols launching in the Moonbeam ecosystem will have built-in access to Chainlink.
As a TestNet integration, projects can:
- Immediately leverage Chainlink Price Foods for DOT, KSM, ETH, BTC in their smart contracts with Moonbeam Oracle by PureStake: How to use Chainlink Foods and How to fetch data
- Start running their own Chainlink oracle with customizable data feeds for Testbeet Moonbeam: How to run a Chainlink oracle node on Moonbeam
- Sign up to provide their own unique data to the Chainlink ecosystem for use by Moonbeam’s smart contracts. How to be a data provider on Chainlink
Chainlink’s Price Feed integration on Moonbeam provides a host of key features that developers need for DeFi applications, including:
- High Quality Data: Price data comes from off-chain premium data aggregators, which allows consumers to mitigate flash loans as each price point reflects and aggregate adjusted by volume from all trading environments rather than one exchange.
- Oracle Secure Goals: Oracle networks include independent, security-reviewed nodes, run by leading security DevOps and blockchain teams, protecting users from Sybil attacks.
- Devolved Computation: All Feed Prices are devolved at oracle level and data source, resulting in highly available and treatment-resistant oracle services and data.
- Proven Oracle Infrastructure: Chainlink secures billions of dollars in value for top DeFi applications, proving its ability to deliver real value live on MainNet.
“Moonbeam has quickly become a destination for Solid projects that want easy expansion into Polkadot,” said Derek Yoo, CEO of PureStake and head of the Moonbeam project. “The integration of Chainlink’s decentralized technology adds significant functionality to our smart contract platform and gives developers instant access to secure and reliable pricing data for their DeFi applications.”
Since Moonbeam was designed as an easy ramp for Polkadot with complete Ethereum compatibility, the existing Chainlink smart contracts were able to be deployed to Testbeet Moonbeam without the need for reactivation or changes. This is made possible by Moonbeam’s additional support for smart Solidity contracts that goes beyond the EVM to include Ethereum-quality tools, account formats, and signatures. Once parachain functionality is live on Polkadot, this will allow Solidity developers to relocate existing contracts to the network without hiring new developers or significantly rewriting their code base.