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Friday

23 April 2021

The Missing Link: How Chainlink’s Pallet Aims to Deliver Greater Informational Access – Technology Bitcoin News

The Missing Link: How Chainlink’s Pallet Aims to Deliver Greater Informational Access – Technology Bitcoin News


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As demand for smart contracts climbs, Chainlink’s modular oracle for the Substrate framework aims to power developers and defi applications with trusted off-chain information and pricing data needed to attract projects to Polkadot and Kusama.

Just like an API can connect two separate systems and share information, Chainlink can connect smart contracts to external data sources in the same manner.

One of the main applications of Chainlink is pricing information, especially in the realm of decentralized finance (defi) applications.

Borrowing and lending protocols like Aave already pull their rate pricing information from Chainlink, helping inform decisions and smart contract conditions.

By including their specific module, termed a “pallet,” developers can effectively bridge the Chainlink data into their respective smart contract applications.

As defi projects seek greener pastures for more affordable cost structures and scalability, Polkadot and Kusama’s Chainlink integration will make it even easier for smart contract developers to make the leap.

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