Karura, the all-in-one DeFi hub of Kusama built by the Acala Foundation, has announced the integration of Chainlink Price Feeds.
Dev teams working on Karura smart contracts can now tap into the precise market data from the decentralized, modular oracle range from Chainlink.
Karura is the sister chain to Acala, the DeFi hub of the Polkadot ecosystem. The DeFi parachain aims to achieve the same objectives within the Kusama ecosystem.
Improving the Kusama Ecosystem
Kusama is a multi-chain network built by the Acala Foundation that’s almost identical to Polkadot but operates as an independent network with higher risk tolerance and faster governance parameters.
Karura will now leverage Kusama’s plug-and-play security, interoperability across blockchains, high-capacity processing speed, and micro-gas fees to provide a broad suite of financial applications.
Following the integration, smart contract developers using the Kusama and Polkadot network can now use the recently launched Chainlink oracle pallet as a solution for price data delivery.
The pallet gives projects built within the Polkadot ecosystem and Kusama parachains like Karura a standardized means to integrate Chainlink price oracles.
Chainlink price feeds are tamper-proof, secure, and already pre-made. They offer premium data quality with numerous independent oracles to qualify and retrieve the same data point.
How Karura Will Benefit From Chainlink Oracles
Karura developers are set to benefit massively from selecting Chainlink as their go-to price oracle solution. Chainlink oracles have been time-proven to seamlessly and reliably secure billions of dollars in value across the DeFi world.
For one, the developers will save time and resources while avoiding the risks associated with trying to build their oracles.
The hyper-reliable financial market data delivered on-chain directly will also facilitate Karura to swiftly start developing secure DeFi apps and financial products across numerous use cases. These products include lending, derivatives, stablecoins, asset management, and more.
The integration now offers Karura access to a standardized substrate Chainlink oracle pallet, which gives developers an easy-to-integrate price oracle solution. The DeFi parachain will also get strong guarantees that their application will execute as written.
Crypto enthusiasts should look forward to seeing which exciting and innovative DeFi applications developers will start building by combining the Karura parachain and Chainlink.
A Proven and Robust Oracle Solution
Karura, designed to be a highly scalable, EVM-compatible parachain optimized to power DeFi apps, allows the Acala Foundation and third-party developers to explore and build bold new financial innovations.
Karura needs a secure, reliable, and precise external data source to enable dApps to function correctly. The team behind the blockchain network chose Chainlink to fetch, validate, and deliver accurate on-chain data since it has a proven record as a robust oracle solution in the market.
By leveraging Chainlink Price Feeds, Karura developers will be able to create DeFi apps that assure users of the security of their funds. Karura also stands to benefit from Chainlink’s growing network effects, including extensive market coverage and decentralized oracle infrastructure.
Moreover, the growing adoption and shared funding of Chainlink Price Feeds across the DeFi ecosystem generates economies of scale effect; DeFi projects such as Karura can access robust oracle security and premium data and for a fraction of the total cost.