Polkadot and Chainlink have announced the release of Chainlink’s Price Feeds as a module, or “pallet” in Polkadot terminology, for the Substrate blockchain framework.
The release means that any project that builds on the Substrate framework – including Polkadot and Kusama parachains, as well as independent blockchains – can integrate Chainlink oracles through a simplified library.
The announcement comes last result of a long-term collaboration between Chainlink and Polkadot, which now offers a tangible product that enables a number of DeFi-centric use cases on Polkadot.
The integration as a Substrate pallet means that it is up to each individual parachain to integrate and enable Chainlink oracles. This is a significant change from the architecture used on Ethereum, where Chainlink nodes regularly publish price data on each block, which smart contracts can then refer to or ignore.
On Polkadot, the more flexible design means that parachains that don’t need Chainlink data don’t have to spend blockchain space on it. However, on individual parachains, the end result may look the same as Ethereum. Peter Mauric, head of communications at Parity Technologies, compared the situation to “as if Chainlink was integrated as an opcode on Ethereum.”
The full Chainlink integration is probably welcome news for DeFi-centric parachains like Moonbeam, Equilibrium or Acala, especially from the perspective of Introducing Ethereum projects to PolkadotHowever, additional development work is likely to be required to adapt the Chainlink pallet for use with smart contracts.
Chainlink is used by a number of DeFi projects on Ethereum to read external market data – a critical necessity for lending protocols in particular. The project has recently begun to shift to more than just price data, a pivot on its heels introduction of the Off-Chain Reporting architecture