Karura Taps Chainlink Price Feeds for Acala’s Kusama-based DeFi Platform

Karura has announced that it will use Chainlink Price feeds for its platform, which will allow developers on the platform to use ultra-reliable information from Chainlink for smart contract creation, and much more. By allowing devs on the platform to use Chainlink’s data, a much faster development cycle is likely to result.

According to the foundation,

“This integration was made possible by the recent launch of a Chainlink oracle pallet, which gives all projects within the Polkadot ecosystem, including parachains, substrate chains, and Kusama parachains like Karura, a standardized way to natively integrate Chainlink oracles. With Chainlink Price Feeds already pre-made, resistant to manipulation (i.e., protect against flash loan attacks), and actively securing billions of dollars in value across DeFi, we believe Karura developers will greatly benefit from integrating them as their go to price oracle solution. Not only will they receive time-tested oracle security and premium data quality, but they will save considerable time and resources and avoid the risks of trying to roll their own oracle.”

Kusama is Creating a Diverse Development Environment

Karura is a sister-chain to Acala, which is the DeFi hub of the Polkadot ecosystem. It hopes to fufill the same role in the Kusama ecosystem. Kusama is similar to Polkadot, however, it is seen as a faster options, as it is a multi-chain network and operates independently, with faster governance. It also features higher risk tolerance.

The foundation thinks that,

“As a scalable, EVM-compatible network optimised to power DeFi applications, Karura allows the Acala Foundation and independent developers to push the limits of what’s possible, serving as an environment to launch bold new financial innovations.”

The use cases for the platform are diverse. It could be used in the financial services sector, and will allow the creation of trustless staking products (called liquid KSM). It also features a multi-collateralized…

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