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Privacy-focused blockchain Beam has announced that it will be integrating Chainlink’s price feeds to help its developers build DeFi Apps. The initial integration will focus on using Chainlink oracles to maintain collateralization of Beam’s confidential stablecoin protocol, while also supporting the Beam-ERC-20 bridge for moving assets between the Ethereum and BeamX blockchains.
According to Beam, the protocol chose Chainlink for its live, time-tested decentralized price oracles “that are already proven to secure billions of dollars” in on-chain value. In a blog post published on 27 November, the project said,
“As more developers build on Beam’s privacy-focused blockchain, the Chainlink Network’s plug-n-play Price Feeds offer them highly proven oracle solutions that can be leveraged to quickly launch DeFi products in production, as well as scale to support demand for additional markets and assets. The possibilities are endless.”
On the technical front, the integration means that Beam will implement the Price Feed workflow by providing a Chainlink External Adapter that will allow Chainlink nodes to write information directly into the Aggregator Contracts. According to Beam, these Aggregator Contracts will run on its BeamX blockchain and will be consumed by application-specific smart contracts.
Beam was recently in the news for its upcoming beta version launch of BeamX. While its mainnet is expected to launch during the first part of 2021, Beam coin has been around since January 2019. Beam coin is a Mimblewimble-based cryptocurrency that is not only privacy-focused, giving its users full control over their data, but is also scalable.
With the aforementioned integration, Beam developers plan to use “reliable” price data for dApps built on Beam to innovate and increase the longevity of the Beam ecosystem. Meanwhile, Beam joins a host of other projects that have been integrating with Chainlink lately.
Base Protocol was the latest to do so after the project, having a new kind of synthetic crypto-asset (BASE) pegged to the total market cap of all crypto, announced that it integrated Chainlink Live on its mainnet. Other DeFi projects such as Synthetix and the Kyber Network have also integrated Chainlink. In fact, as have non-Ethereum-based projects like Polkadot and Tezos.
So far, the oracle provider has been integrated with 315 projects, with 29 such integrations taking place in October alone. This list includes 74 blockchains, 98 DeFi projects, 23 data providers, and 44 nodes.
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Author: Refer to Source Alisha Roy