One of the first parachains slated to go live in the Polkadot ecosystem is Acala. Conceived as Polkadot’s full-service, multi-chain DeFi and liquidity hub, Acala is integrating Chainlink’s industry-leading decentralized oracles to securely and reliably provide key off-chain data required by a full range of DeFi applications.
The Chainlink Oracle Pallet offers a streamlined solution for Acala and any chain built with Polkadot’s Substrate framework to integrate Chainlink Price Feeds. Because the Chainlink Oracle Pallet reduces go-to-market time and cost while eliminating the risks associated with independently building and deploying oracle infrastructure, Acala Co-founder Bette Chen told Chainlink Today that Acala is ready to “hit the ground running” at launch with “the most battle-tested oracle network in the industry.”
“Our team knows that Chainlink has a stellar reputation to match its reliable oracle solutions, and this allows us to focus on what we do best – deliver game-changing DeFi products – while Chainlink handles providing secure data feeds to our products and developer ecosystem,” Chen told Chainlink Today.
She said that DeFi applications built on Acala are able to take advantage of a new paradigm in the DeFi space where DeFi primitives are built at the blockchain level. “This will unlock immense possibilities for developers who build on Acala’s EVM+ environment with the ability to leverage these chain-level protocols, liquidity, and functionality.”
Chen expects Chainlink’s highly secure and reliable data feeds will power the next generation of DeFi apps while facilitating a vital connection to legacy finance. “Chainlink will play an important role in Acala’s vision for a hybrid finance (HyFi) world,” she said. “By providing data feeds to the Acala ecosystem, Chainlink enables us to deliver secure DeFi products to our integration partners in the fintech and traditional finance world.”
In her view, the ability to leverage Acala as a DeFi backend will allow Acala’s fintech partners to expand the DeFi ecosystem by extending superior yield to a myriad of potential new users. Said Chen, “The HyFi future is how we see Acala bringing DeFi to millions of new customers in traditional apps that don’t require knowledge of crypto.”