Chainlink Weekly Roundup: Drip Teddy Club, Interest Protocol and Nexus Mutual
Chainlink oracle services provide tamper-proof data and computations, supporting applications across several blockchains.
+1,600 Apps and Counting
Chainlink and smart contracts are becoming the backbone of world-changing applications.
With over 3 billion data points delivered to over 1,600 blockchain apps, the oracle network is working to optimize business processes and disrupt long-standing establishments. During the last few days, it integrated an insurance alternative, a Non-Fungible Token (NFT) club, and a lending protocol.
In this week's roundup:
- Drip Teddy Club integrates Chainlink VR.
- Interest Protocol strategically partners with Chainlink Labs.
- Nexus Mutual integrates Chainlink Proof of Reserve.
Fair NFT Mints
Drip Teddy Club integrated Chainlink Verifiable Random Function (VRF) to help power a fair NFT mint.
The project will deliver a collection of 10,000 unique digital teddies featuring their own soundtrack, and VRF will help to randomly determine NFT traits.
"Drip Teddy Club requires best-in-class infrastructure to truly innovate within the NFT space. Chainlink VRF is now a critical part of our technology stack, helping to make our NFT mint fairer and more transparent," said NFT strategist Fashun Rivers.
The random number generator will provide users with on-chain verifiable proof that the NFT trait selection process is fair and untampered.
Capital-Efficient DeFi
Interest Protocol (IP) announced a collaboration with Chainlink Labs, which includes the integration of Chainlink Keepers and Chainlink Proof of Reserve (PoR).
"We're excited to work with Chainlink to build a more transparent and capital-efficient DeFi ecosystem. Whether it's high-quality market data, secure smart contract automation, or real-time verification of reserves, oracles are essential to financial tools," said Getty Hill, Founder of GFX Labs, the company building IP.
- Keepers will be used to monitor loans and trigger liquidations if they are undercollateralized.
- PoR will verify off-chain collateral, ensuring users are protected from substandard reserve practices.
Tracking 15K ETH
Nexus Mutual integrated Chainlink PoR to verify deposits on Maple Finance, an institutional crypto-capital network.
The mutual uses PoR to track and verify its 15,000 $ETH deposit to Maven 11's lending pool on Maple. Credit teams run lending businesses on Maple and evaluate companies' creditworthiness. As a result, Maven 11 can issue high-yield uncollateralized loans.
By integrating Chainlink Proof of Reserve, we're able to verify our deposits held on Maple Finance in real-time, helping give our users high confidence in the capital reserves that underpin our protocol," stated Hugh Karp, Founder of Nexus Mutual.
Check out BSC News' weekly roundup to keep up with the latest regarding the smart contract powerhouse.
Last four editions:
- Aug. 20: Floki, Iron Bank, Zeus Finance and Kyber
- Aug. 12: OpenOcean, Sneaky Vampire Syndicate and Swell Network
- Aug. 5: Swingby, Biswap, Tulip Protocol and Metis
- July 30: Truflation, Crabada and Sam Bankman-Fried
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 Drip Teddy Club:
Drip Teddy Club wants to give its community "experiences of a lifetime" by engaging, rewarding, and working alongside some of the world's greatest musical artists, performers, producers, actors, athletes, and more.
Where to find Drip Teddy Club:
What Is Interest Protocol:
Interest Protocol is a borrow/lend protocol that brings to DeFi a fractional reserve system popularized by banks. Instead of posting houses as collateral and borrowing dollars, Interest Protocol users post wETH, wBTC, and UNI as collateral and borrow a stablecoin called USDi. Instead of depositing dollars into a bank and earning next to nothing in interest, IP users deposit USDC into the protocol and receive the lion's share of the fees paid by borrowers.
Where to find Interest Protocol:
What Is Nexus Mutual:
Nexus Mutual is a decentralized insurance alternative built on Ethereum. The mutual was created to give people a way to hedge against the unique risks in on-chain markets. Its members protect more than $252.6m in productive assets and have paid out $8.4m in claims.
Where to find Nexus Mutual:
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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