Fetch Foreign Exchange Rates in Solidity Smart Contracts

Price data, especially foreign exchange (FX) rates, plays a crucial role in decentralized finance (DeFi) applications for creating various financial instruments like options and futures. Chainlink Price Feeds offer a secure way to obtain FX price data in Solidity smart contracts, using decentralized oracles that aggregate data from numerous high-quality sources to ensure accuracy and resistance to manipulation. This tutorial provides a step-by-step guide to integrating Chainlink FX Price Feeds in smart contracts, including deploying a basic contract on the Kovan testnet to access GBP/USD price data without the need for LINK tokens or additional ETH for read transactions. By doing so, developers can ensure their DeFi applications receive reliable and up-to-date market data.