420 Interactions, 2 today
The Polkadot ($DOT) team revealed on Friday (April 2) that Chainlink had made their price feeds available as a Substrate oracle pallet. Polkadot’s DOT token had smashed through the $46 mark in less than 24 hours, setting a new all-time record.
According to Polkadot’s blog post, which was published yesterday (April 2), until now, there was no “reliable and flexible oracle solution for accessing secure price reference data across any parachain.”
It went on to say that following “significant development work”, Chainlink has made “their extensive collection of on-chain Price Feeds available as a Substrate oracle pallet”, which enables “smart contract applications across the Polkadot ecosystem to access accurate, up-to-date and tamper-proof price reference data for powering new products and markets.” Furthermore, Chainlink’s price feeds “can also be accessed by other pallets integrated into a particular parachain, opening up powerful new functionality for parachain teams.”
Chainlink’s integration as a Substrate oracle pallet provides “teams in the Polkadot ecosystem—specifically teams building parachains based on the Substrate framework” with “a straightforward approach for accessing high-quality external market data.” This integration “supports the many smart contract applications and parachain pallets requesting access to Chainlink Price Feeds across Polkadot’s environment.”
As seen in TradingView’s five-day DOT-USD price chart, shortly after this news was announced on Twitter (at 15:05 UTC on April 2), the price of the DOT token, which was about $38.83 prior to the announcement, began surging, and by 06:40 UTC on April 3, it had reached $46.70 — currently today’s intraday high — thus setting a new all-time high.
According to data by CryptoCompare, currently (as of 09:44 UTC on April 3), Polkadot’s DOT token is trading around $45.30, up 18.90% in the past 24-hour period.
Dan Reecer, VP of Growth at Acala Network, had this explanation for what it means for Chainlink to make its price feeds available as a Substrate pallet:
This news has also allowed the price of Chainlink’s LINK token, which is currently trading around $32.37 (as of 09:51 UTC on April 3) to rise 6.34 percent in the last 24 hours.