Polkadot smart contract parachain Moonbeam recently announced the native integration of Chainlink Price Feeds on Moonriver, marking a pivotal moment for projects building in the Kusama ecosystem.
Moonriver is a layer 1 Ethereum-compatible parachain connected to Kusama, and a permanently incentivized canary network of Moonbeam.
Following the news that Chainlink Price Feeds officially went live on mainnet, market watchers are speculating Moonriver price could pump, with the integration unlocking major functionality like lending, borrowing and sophisticated trading applications.
What does this integration mean？Chainlink is a decentralized oracle network that brings real-world data to smart contracts at the speed of their native blockchain, including retrieving the latest pricing data of assets.
“The combined benefits of Chainlink and Moonriver allow for highly-scalable, low-cost, EVM-compatible DeFi applications on Kusama that are consistently in sync with global financial markets,” read the announcement, adding that as the Polkadot parachain ecosystem matures, these applications can be deployed on Moonbeam.
“We are excited to work with Chainlink to enable these teams to launch lending, borrowing, and other protocols that are a core part of the Moonriver DeFi ecosystem,” added the announcement.
Since launch, the decentralized oracle network has logged over 800 total integrations of more than 700 Chainlink Data Feeds, and continues counting.
With Chainlink Price Feeds officially live on mainnet, market watchers are speculating the demand for the native token of the Moonriver network (MOVR) to go up.
One of them, who goes by the name Kusama Maxi on Twitter, predicted Moonriver price could see a similar upswing that Avalanche (AVAX), Fantom (FTM) and Polygon (MATIC) experienced following Chainlink integration.
While pointing to relevant charts, the maximalist argued Moonriver demand in the following one to three months to go up, citing “DeFi&TVL explosion.”
Indeed, the rapidly expanding DeFi ecosystem relies on decentralized oracle networks that connect smart contracts to off-chain data and computations.
How in sync will developers‘ appreciation and investors’ appreciation be this time around？