The oracles of Chainlink are powering a lot of DeFi apps, and these oracles are now turning in the direction of the Polkadot ecosystem.
The decentralized finance parachain, Karura, was built by Acala for Kusama. This DeFi parachain will integrate Price Feeds of Chainlink very soon. After the recent reveal of the Chainlink Oracle Pallet, this synergy will allow the developers of the Karura smart contract to bear fruit from accurate market data provided directly on-chain.
Chainlink Oracles Will Keep Polkadot Ecosystem Secure
As there is an increasing demand for smart contracts, the newest modular oracle pallet of Chainlink is eyeing to power all the projects in the Polkadot ecosystem. This includes the substrate chains, parachains, and parachains based on Kusama, such as Karura, with accurate financial market data and trusted on-chain information.
Karura being the sister chain of Acala is set to reach the same goals and even beyond them in the Kusama ecosystem. As the Acala Foundation is progressing in its mission, they have announced their plan of integrating Chainlink Price Feeds into Karura, which is Kusama’s all in one decentralized finance (DeFi) conduit.
Karura will also help the non-native parachains, their teams and the decentralized Apps in seamlessly integrating the standardized oracle pallet substrate Chainlink into a live runtime model, which could be carried out by utilizing any supported smart contract language. This will virtually access any real-world or external resources.
The developers of smart contracts, who are using Polkadot and Kusama, can leverage their Chainlink pallets as a data delivery solution with go-to pricing. All Price Feeds of Chainlink are resistant to manipulation, secure, and are offering premium data quality by using multiple data oracles to pull and qualify the same data point.
A Beneficial Opportunity for Parachain and Substrate Developers
Before releasing their parachain on Polkadot, Chainlink, which is the gold standard of the oracle networks with billions of dollars invested in smart contract value, will launch a parachain first on Kusama.
Both Polkadot and Kusama are standalone, independent networks. The structure of both of the networks is similar, but Kusama is a multi-chain network faster than Polkadot and is designed mainly for radical innovation. Karura will serve as the DeFi solution for Kusama.