Karura Adds Chainlink Price Feeds to its Kusama-Based DeFi Platform

By April 21, 2021DApps
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Acala Foundation will soon integrate Chainlink Price Feeds to Karura, the all-in-one DeFi parachain built for the Kusama network. Developers and dApps using the network will easily access real-time price charts and benefit from lower overheads.

Chainlink’s Oracle Pallets Redefine Kusama Chains

Chainlink, the most widely used way to power universally connected smart contracts, has finally completed building its extensive collection of on-chain Price Feeds for the Polkadot network.

Price Feeds, now available as oracle pallets, will allow developers to quickly build customizable blockchain applications for the Polkadot ecosystem, including substrate chains and parachains such as Karura, the Kusama-based parachain.

Following this development, Acala Foundation is all set to integrate Chainlink Price Feeds to Karura, its scalable, EVM-compatible network optimized for DeFi. This new initiative will empower Kusama smart contract developers and offer them direct on-chain access to accurate, up-to-date and tamper-proof price reference data.

By integrating the available Chainlink oracle pallets into the Kusama ecosystem, developers can build high-performance dApps on different parachains using a rapidly expanding collection of on-chain datasets covering various cryptocurrencies and asset classes and FX rates. Developers and applications can also benefit from the easily accessible wide variety of external data and off-chain computation alongside easy integrations and meager costs.

Empowering Polkadot, Parachain, And Substrate Developers And dApps

Chainlink, the global standard of oracle networks, will be directly integrated into the Polkadot ecosystem as a pallet. But before that, Chainlink will first deploy a parachain on Kusama, offering dApps and developers a straightforward approach for accessing virtually any high-quality external market data.

With Chainlink Price Feeds integrated in the Kusama ecosystem, developers can build high-performance DeFi applications, settle cross-chain DeFi contracts, trigger supply mechanisms and even automate on-chain execution strategies by applying external conditions. Eventually, this integration will be expanded to deliver a broader range of data feeds and off-chain computations.

The Acala Foundation has already established itself as the DeFi hub for the Polkadot ecosystem. It now plans to shape its sister concern, Karura, as the DeFi hub for the Kusama ecosystem. And with Chainlink’s easy to integrate oracle pallets, Karura developers will be able to decentralize data delivery by utilizing several independent oracles to fetch data from multiple independent sources at comparatively lower costs.

Backed by Kusama’s exceptional processing speeds, bare minimum fees and interoperability across networks, this new integration opens a world of opportunities for Polkadot, Parachain and Substrate developers to deliver unique DeFi apps and stable assets across an ecosystem of networks.

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