The crypto world’s leading oracle solution is integrating with its leading interoperability blockchain. RioDeFi, the decentralized finance blockchain connected to Polkadot, has revealed that Chainlink’s price oracles are to provide market data across its network. The deal means that projects building on RioDeFi, including MANTRA DAO, will be able to access decentralized and tamper-proof price feeds.
RioDeFi Passes Another Milestone
The integration of Chainlink oracles is increasingly seen as evidence of a blockchain’s maturity; a rite of passage that all fledgling networks must pass in order to be taken seriously. RioDeFi hasn’t partnered with Chainlink to tick off another item on its roadmap or to flex, it should be noted: there are more practical considerations at play.
Oracles are at the heart of intelligent crypto network design. They provide a means of querying data for actions that occur offchain, be that on another crypto network or in the real world. Chainlink is synonymous with this service, and its decentralized oracles are used by more crypto projects than any other.
Its most popular product is its Price Feeds, which will be integrated into the entire RioDeFi ecosystem including its mobile wallet, exchange, and payment dApp. Oracles must perform a critical role, relaying rapidly-changing price information, such as the price of BTC/USD, quickly and accurately. Crucially, this information must be tamper-resistant to prevent exploitation by malevolent actors. False pricing can enable sophisticated attackers to profit from arbitrage, often using flash loans to acquire the capital necessary to implement the exploit.
RioDeFi Welcomes Chainlink Partnership
“The ability to provide data from the outside world into smart contracts in a trustless manner is becoming a bedrock for the blockchain industry and defi,” said RioDeFi CEO James Anderson. “We are delighted to integrate Chainlink to provide our developers with…