Beam is integrating Chainlink Price Feeds to help its developers build DeFi Apps
Privacy-focused blockchain Beam is integrating Chainlink Price Feeds to enable its developers to build DeFi dApps. The initial integration will focus on using Chainlink oracles to maintain collateralization of its confidential stablecoin protocol.
According to the announcement on Nov.28, Beam will leverage the Chainlink Price Feed framework to launch decentralized price oracles for BEAM/USD and BEAM/ETH. In particular, these Price Feeds will support Beam’s confidential stablecoin protocol, as well as its Beam-ERC-20 bridge for moving assets between the Ethereum and BeamX blockchains.
Beam will implement the Price Feed workflow by providing a Chainlink External Adapter that allows Chainlink nodes to write information directly into the Aggregator Contracts. These Aggregator Contracts will run on the BeamX blockchain and be consumed by application-specific smart contracts.
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, the project’s blog 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.”
“Privacy is an essential component to financial services, which is why Beam is building confidentiality directly into its DeFi functionalities,” said Guy Corem, Board Director at the Beam Foundation. “A core part of building confidential DeFi applications is highly available and tamperproof price feeds, with market coverage across all trading environments as opposed to a single exchange. As the unquestioned market leader in blockchain oracles, Chainlink has demonstrated its ability to provide Beam with secure and reliable price oracles capable of triggering high-value contracts and securing user funds.”
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.
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