Chainlink decentralized oracle network (LINK) has integrated its Chainlink Price Feeds service into Moonbeam, a smart contract parachain on Polkadot (DOT), to provide data to developers on the platform.

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In a release sent to Cryptooshala, the Chainlink team noted that the launch of Moonbeam will allow those who build on the platform to access price information that is compiled and collected from many different exchanges. This allows decentralized finance (DeFi) developers to ensure price accuracy in their decentralized applications (DApps).

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Moonbeam founder Derek Yu mentioned that off-chain asset price access has many uses in DeFi, but it is difficult to achieve resistance to attacks and manipulation of price data. However, the founder of Moonbeam believes that Chainlink is capable of solving the problem and can help DeFi developers on their platform. He explained that:

“This integration with Chainlink is one of the latest integrations required to provide a complete set of building blocks to Moonbeam DeFi developers.”

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Nicky Ariyasinghe, CEO of Chainlink, expressed his support for the developers of Moonbeam. Ariyasinghe emphasized that this integration will enable Polkadot developers to create new use cases on interconnected DeFi platforms.

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Earlier in June, LINK’s price broke the downward trend as it rose to $9 when its team announced a new roadmap. In addition, Chainlink also broke the news that LINK staking will be included in the Chainlink Economics 2.0 project. This will allow participants to support the Chainlink network with LINK tokens, which will increase “cryptoeconomic security”.

Last week, Chainlink introduced Chainlink Guardians as well as Chainlink Verifiable Random Function (VRF) on the Avalanche Network (AVAX). The integration provides automated smart contracts and a proven random number generator for DApps built on top of Avalanche. Ava Labs founder Emin Gün Sirer said it makes things easier for developers and users alike.