Chainlink has released oracles for the Substrate framework, making price feeds available on Polkadot and Kusama.
#Chainlink Price Feeds are now available as an oracle pallet to all #Substrate, #Polkadot, & #Kusama chains. This gives teams building across the Polkadot ecosystem a standardized, easy-to-integrate, & time-tested oracle solution to support their DeFi appshttps://t.co/Ak1vqQxlYk
— Chainlink – Official Channel (@chainlink) April 2, 2021
DeFi Alliance Yields Fruit
The release of the oracle pallet is the result of a DeFi alliance between Chainlink and Polkadot. The latter is the flagship project of the Web3 foundation which has released the substrate framework, which powers the Polkadot and Kusama networks, including their parachains, as well as independent layer 1 blockchain projects.
Thanks to the pallet, developers will now have easier access to on-chain price feeds, which are a requirement for many DeFi smart contracts to work.
Polkadot as an Alternative for DeFi and NFTs
The leading project for DeFi on the Polkadot network is Acala, which recently won the inaugural auction to host a parachain on Polkadot’s Rococo testnet. Acala seeks to be an all-in-one DeFi hub that provides a decentralized exchange, as well as, yield farming, lending, stablecoin, and staking services.
Another interesting DeFi project to watch on Polkadot is Reef Finance, which aims to provide a cross-chain liquidity aggregation platform, in addition to a crypto debit card. The experimental Kusama network, which can be described as Polkadot’s wild little brother also enters the DeFi sector with the Acala-spinoff Karura.
Polkadot might also become an interesting alternative for non-fungible tokens, due to the high gas fees for creating and trading NFTs on Ethereum. For example, Enjin has recently announced that they want to secure a parachain on Polkadot, for which they have raised almost 19 million USD in a private token sale.
With KodaDot, the Kusama network has opened their first DApp for minting and trading NFTs as well. One of the projects working on Kusama is Substrapunks, which is a clone of the popular NFT game Cryptopunks on the Ethereum blockchain. Additionally, Kusama has funded and organized the world’s first crypto art exhibition in Beijing on March 26th.