Chainlink adds multiple Web3 projects to its array of partners. Meanwhile, $LINK holders get ready for staking on Ethereum in December.
Chainlink Integrations, $LINK Staking Hype
Chainlink had another week of significant project integrations as it approaches a new era to further scalability.
The team plans to launch the beta of Staking (v0.1) on the Ethereum mainnet in December to help further incentivize the network’s proper operation.
In this week’s roundup:
Paxo Finance integrated Price Feeds on Polygon to power accurate loan liquidations.
The undercollateralized Decentralized Finance (DeFi) lending and borrowing protocol can now access high-quality data feeds to support liquidations and help ensure protocol and lender solvency.
“Security is the single most critical aspect of any DeFi protocol, and Chainlink Price Feeds are the best, most widely adopted price data solution in the industry,” said Pranjal Pashar, Founder and CEO of Paxo Finance.
If DeFi protocols use unreliable asset price feeds, borrowers can get liquidated earlier than expected or too late. While early liquidations are unfair to borrowers, late liquidations make lenders insolvent. To avoid this, Chainlink’s feeds help ensure that the final price delivered on-chain to DeFi protocols reflects a market-wide average.
Betterticket integrated Chainlink VRF, Automation, and Price Feeds as critical components for on-chain NFT ticketing.
“Chainlink services are known for their reliability, security, and ease-of-use. In order to build applications with real-world use cases, such as Betterticket’s improved ticketing system, it’s essential that smart contracts have access to external functionality,” said the Betterticket team.
The metaverse event ticketing platform uses:
- Chainlink VRF to offer all members a fair chance of receiving a better NFT Card during the sale phase
- Automation to reward attendees for their participation and automatically start and stop the sale of event tickets, and
- Chainlink Price Feeds to accurately convert ticket prices into USD.
CACHE Gold, a DeFi protocol supporting backed and redeemable tokenized gold, integrated Chainlink Proof of Reserve on Polygon.
This helps users verify that cross-chain CACHE Gold tokens ($CGT) minted on Polygon are fully backed 1:1 by $CGT tokens on Ethereum.
“By leveraging the industry-leading oracle network, we’re able to more securely bring one of the most popular assets in the world to Polygon’s DeFi ecosystem,” said Brian Hankey, Co-Founder of CACHE Gold.
Check out BSC News’ weekly roundup to keep up with the latest updates about the smart contract powerhouse.
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What Is Chainlink:
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. They currently secure tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offer global enterprises and leading data providers a universal gateway to all blockchains.
Where to find Chainlink:
Website | Twitter | Docs | Community
What Is Paxo Finance:
Paxo Finance is an undercollateralized investment loan protocol that allows users to borrow up to 5X of their capital to invest in crypto assets, NFTs, or the metaverse. The protocol also allows liquidity providers to earn high APY by providing liquidity in multiple available pools.
Where to find Paxo Finance:
Website | Twitter
What Is Betterticket:
Betterticket builds Web3 social networks for in-person, online, and metaverse events. They offer a decentralized event management and ticketing system that uses NFTs as event tickets.
Where to find Betterticket:
Website | Twitter
What Is CACHE Gold:
CACHE Gold (CGT) is a regulated ERC-20 token fully backed by redeemable physical gold.
Where to find CACHE Gold:
Website | Twitter
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