Blockchain News

Chainlink Weekly Roundup: Bybit, Armadillo, Solanart and Aavegotchi

Last week's developments showcase Chainlink's position at the center of Web3.

Bringing Web3 Together 

Chainlink announced more exciting integrations and the upcoming SmartCon 2022 conference.

The blockchain-agnostic oracle expanded on Polygon and Solana ahead of the September conference. SmartCon will offer attendees an environment to learn, build, and connect with industry-leading researchers and founders and look into emerging trends in Web3.

In this week’s roundup:

Source

Expanding on a Major Exchange

Chainlink announced the integration of over 35 Chainlink Price Feeds into Bybit’s spot trading platform on Polygon.

The exchange now has access to high-quality, decentralized price data feeds for high-volume trading pairs.

The integration was revealed to BSC News by the Chainlink team via press release.

“We’re always looking to improve Bybit’s price accuracy and transparency in spot trading,” said Ben Zhou, co-founder and CEO of Bybit. “With this integration of Chainlink Price Feeds, our users have stronger assurances that they are trading using real-time, fair-market price data and that the platform itself has an additional layer of protection during extreme market events.” 
Source: Chainlink

The new price data improves Bybit's pricing mechanism and helps protect its 6 million users in the case of extreme market volatility.

Automating Armadillo

Armadillo integrated Chainlink Keepers on Polygon to support its impermanent loss protection. 

Chainlink automated bots monitor the impermanent loss protection platform to check if any protection periods have passed. Whenever a user's protection period has ended, Chainlink Keepers request the payout on behalf of the user.

“Chainlink Keepers help ensure that payouts in our impermanent loss protection feature are executed autonomously, further establishing a high standard of security and decentralization for our platform,” said Shahaf Bar-Geffen, CEO of COTI, the team behind Armadillo.
Source: Chainlink

Some of the features of Chainlink Keepers include: 

  • Decentralized Execution: It provides reliable, trust-minimized automation with no single point of failure, mitigating risks around manual processes and centralized servers.
  • Increased Efficiency: Projects can reduce time spent on DevOps, minimize operational overhead, and streamline development workflows. 
  • Enhanced Security: It enables automated smart contracts without exposing private keys. 
  • Easy-to-use: Devs can schedule time-based automation jobs in seconds.

Improving an NFT Marketplace

Solanart integrated Chainlink Price Feeds to help provide a better Non-Fungible Token (NFT) marketplace experience on Solana.

The tamper-proof price feeds will help assure users that NFTs priced in $USD reflect current market conditions more accurately.

“Chainlink Price Feeds have enabled us to give our users a better marketplace experience. In a fast-changing market, our users need to accurately calculate the value of their NFTs in USD. Thanks to our Chainlink integration, we were able to enhance our frontend and give our users the data they need,” said Arthur, Managing Director of Solanart. 
Source: Chainlink

Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime and flash crashes.

Randomizing Alchemica Tokens

Aavegotchi, an open-source, community-owned NFT gaming protocol, expanded the use of Chainlink Verifiable Random Function (VRF).

The protocol will use Chainlink VRF to transparently randomize the base amount of Gotchus Alchemica tokens stored in NFT land parcels, making the number of tokens players can extract unpredictable. 

“We’re excited to be using Chainlink VRF to help determine an unpredictable amount of Alchemica tokens that users can harvest when they mint a parcel of land in the Gotchiverse,” said founder and COO of Pixelcraft Studios, Jesse Johnson. “Not only do the randomized token allocations make our game more engaging, but using a secure source of on-chain randomness helps make our project more transparent.”
Source: Chainlink

Chainlink VRF works by combining unknown block data with the oracle node's private key to generate both a random number and a cryptographic proof. However, Aavegotchi's smart contract will only accept the random number input if it has a valid cryptographic proof, which can only be generated if the VRF process is tamper-proof.

Check out BSC News' weekly roundup to keep up with the latest regarding the smart contract powerhouse.

Last four editions:

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. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.

Where to find Chainlink:

Website | Twitter | Docs | Community

What is Bybit:

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find a fast matching engine and multilingual community support. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

Where to find Bybit:

Website | Twitter

What is Armadillo:

Armadillo is an Impermanent Loss Protection product from the CVI team at COTI that allows liquidity providers to protect themselves against impermanent loss while supplying liquidity in automated market makers (AMMs). It currently runs on Polygon, a Layer 2 scaling solution for the Ethereum blockchain.

Where to find Armadillo:

Website | Twitter

What is Solanart:

Solanart is the first marketplace on Solana to buy, trade, and sell non-fungible tokens (NFTs). Chat on-chain with buyers and sellers, launch a project with our launchpad, or just explore what’s on offer.

Where to find Solanart:

Website | Twitter

What is Aavegotchi:

Aavegotchi is an open-source, community-owned NFT gaming protocol, enabling true asset ownership for gamers. Aavegotchi NFTs are on-chain collectible ghosts staked with Aave’s interest-generating aTokens.

Where to find Aavegotchi:

Website | Twitter

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