Place/Date: - September 9th, 2021 at 1:00 pm UTC · 7 min read
Contact: Acala, Source: Acala
After years of hard work and development, the Polkadot ecosystem is gearing up for the launch of numerous parachains that will set the foundation for its interoperable blockchain ecosystem. As one of the first couple parachains planned to go live, Acala is focused on hitting the ground running with a full service, multi-chain DeFi Hub built on Polkadot. Ensuring a successful and secure launch of Acala means integrating with key infrastructure and tooling required for rapid development and robust security of user funds.
One of the most important pieces of infrastructure to the Acala DeFi parachain is oracles, as oracles provide key inputs like asset prices and market information needed to perform critical functions. It’s why Acala is actively integrating Chainlink Price Feeds to create a strong foundation for its DeFi ecosystem, giving developers access to the industry’s most time-tested decentralized oracle solutions right at launch. Through Chainlink, developers will be able to tap into decentralized price oracles for a wide range of asset prices that are backed by high-quality data, low latency updates, and robust underlying infrastructure optimized for availability and tamper-resistance.
Both teams have been working in the background the past few months to ensure the security of the integration, including completion of a security audit. The progress has also been accelerated by the launch of the Chainlink Oracle Pallet—a plug-and-play solution for connecting Chainlink Price Feeds to any blockchain built with Polkadot’s SDK, Substrate, like Acala. The Chainlink Oracle Pallet is a runtime module that can be easily plugged into Acala, providing a straightforward approach for accessing Chainlink Price Feeds. Additionally, Acala has also integrated Chainlink Price Feeds into Karura, Acala’s sister-network on Kusama, where extensive stress testing has taken place in preparation for the Acala’s launch on Polkadot.
Acala is a multi-chain DeFi platform in the Polkadot ecosystem that helps users stake, swap, borrow, lend, earn, and otherwise put their tokens to work with minimal network fees. As a highly scalable, EVM-compatible network optimized to power a wide diversity of DeFi applications, developers can deploy innovative financial use cases that will benefit from Acala’s ability to blend the best of the EVM and Substrate worlds. Acala’s layer-1 chain will offer a broad suite of DeFi primitives to developers building on the platform, including a trustless staking derivative called Liquid DOT (LDOT), a multi-collateralized stablecoin backed by cross-chain assets called aUSD, and an AMM DEX called Acala Swap where fees can be paid in any token.
Powering Acala’s planned DeFi dApps and the numerous other DeFi products and markets permissionlessly launched on the Acala parachain will require the industry’s best oracles. For example, DeFi applications like lending/borrowing markets, futures/options contracts, and even algorithmic stablecoins need external data like current asset prices or market information like Consumer Price Index (CPI) or total market cap. There are a limitless number of external data feeds users may need, which do not natively exist on the blockchain.
Getting external data on the blockchain requires an oracle to fetch data, aggregate it, validate it, and then deliver it on-chain. However, if DeFi applications are to retain the trust assumptions of the blockchain, then the oracles they rely on must provide similar guarantees on their services to ensure end-to-end security and reliability. It’s why Acala has elected to integrate Chainlink to power the launch of the Acala parachain, as it’s decentralized oracle solutions are built to the highest standards and proven to help secure tens of billions in value across the DeFi economy. Some of the notable features of Chainlink Price Feeds include:
Ultimately, the Chainlink Oracle Pallet will set developers on Acala up for early success by eliminating go-to market time, reducing costs, and forgoing unnecessary risks around deploying your own oracle solutions. It’s the mission of the Acala Foundation to make building DeFi application easy and secure, which is why we are excited to work with the experienced team at Chainlink Labs to provide developers on Acala with proven prebuilt oracle solutions and assistance in building customizable oracle solutions to fit their unique needs. We encourage development teams building on Acala to reach out if they need assistance with their oracle solutions.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
For more news and latest updates please visit Chainlink Discord and Reddit accounts. Feel free to join Chainlink community in Telegram, Twitter and GitHub, or just check out their latest videos on YouTube, Solutions, Docs.
Acala is a multi-chain decentralized finance network offering a DApp platform secured by Polkadot, as well as a suite of cross-chain financial applications that let users trade, issue self-serviced loans, become liquidity providers, access staking derivatives, and earn high-interest APY on their digital assets. The network is scalable, Ethereum-compatible, and optimized for DeFi.
Acala was founded in Oct 2019, and today has received five Web3 Foundation grants, has backing from Coinbase Ventures, Pantera Capital, Polychain Capital, and other top firms, and has a distributed team in New Zealand, China, Europe, South America, and the United States.
For more news and latest updates please visit Acala GitHub and Discord accounts, follow the team in Linktree or subscribe to the Newsletter. Feel free to join Acala community in Twitter or just check out their latest videos on YouTube or read their Wiki .