Plasm Integrates Chainlink Price Feeds Live on Mainnet to Provide Asset Valuations to its Lockdrop
We are excited to announce a live integration with Chainlink, the market-leading decentralized oracle network, to consume their ETH/USD and BTC/USD price feeds as part of our lockdrop mechanism. When user’s lockup BTC and ETH, they will receive a proportional amount of PLM tokens according to the value of the assets locked up and the duration of the lock, which Chainlink’s price feeds will help determine.
This is the first in a number of different DeFi applications we are working on that utilize Chainlink price feeds. We also plan to expand beyond DeFi, allowing our developers to utilize Chainlink’s flexible framework and ability to query any data resource to build data-driven applications across numerous markets and use cases. If you are interested in developing on Plasm Netowork, come join the Telegram group.
Understanding Plasm and Chainlink
Plasm Network is a scalable and interoperable smart contract-based blockchain built using Parity’s Substrate framework, making it fully compatible with Polkadot. Since the Polkadot Relaychain, by design, does not support smart contracts, Plasm Network can serve as a scalable smart contract enabled Parachain.
Scalability is obviously one of the most crucial demands of DApp developers. As such, Plasm Network is specially optimized to be scalable both at its base layer and by supporting cutting edge layer2 solutions like Plasma. Layer2 solutions can be used for much cheaper transaction fees, faster finality, etc.
We believe our smart contract capabilities combined with layer 2 architecture will serve as an ideal platform to support a wide variety of interesting DApps possible in gaming, IoT, payments, DEX, and cross-chain functions.
In order to build the exciting next-generation applications we all envision, it’s critical that Plasm be able to interact with data and systems outside our own network (off-chain). While Polkadot supports data sharing between parachains, there still a major portion of data both from the traditional world and on other blockchain ecosystems like Ethereum that we Plasm cannot natively access. Bridging to these external environments requires an oracle, which is why we have selected the industry leader Chainlink as the go-to oracle solution for Plasm.
Chainlink is the leading decentralized oracle service provider both to polkadot and smart contract ecosystems across many other blockchains. Plasm integrated Chainlink oracles to make it easier to build decentralized applications on the Plasm Network, specifically because it offers several unique features, including:
- 35+ price feeds already live in production, securing over a billion dollars in value for many DeFi applications and accompanied by open visualizations for users to monitor
- 35+ secure node operators ready to be deployed for any oracle service, one of which is Deutsche Telekom’s subsidiary T-Systems
- Decentralized architecture at both the node and data source level, providing smart contract developers with strong availability and manipulation resistance guarantees
- Premium data accessibility via its external adapter technology, allowing dApps to access any data source or system they need
Easily integratable solutions like price reference data and verifiable randomness, saving developers time and mitigating the security risks of building your own oracle.
These are just some of the features we find valuable and want to make available to all developers on the Plasm Network.
A visualization of Chainlink’s ETH/USD price feed
Use Cases and Applications
While Chainlink oracles have no limit to the number of applications they open up, we have mapped out several initial focuses.
- BTC and ETH Lockdrop price feed: Our lockdrop token distribution mechanism will use Chainlink’s BTC/USD and ETH/USD price feeds to determine the value of the locked-up assets. This serves as the basis, along with time, for determining how many PLM tokens a user receives.
- Layer 2 DEX on Plasm Network: We can use existing Chainlink price feeds as well as create new ones for assets on other parachains using their same reference price framework. This provides valuations to assets trading on Plasm’s own layer-2 DEX.
- Integration with DApp games: Developers can use Chainlink Verifiable Random Function (VRF) to get a provably fair and unbiased source of randomness, which games can use to distribute random economic rewards within games like NFTs.
In addition, we are also looking into Chainlink price oracles for layer2 DApps, Atomic swaps between Ethereum and layer-2 DApps on Plasm, and much more.
While we mostly discussed many DeFi applications above, Chainlink can be used to retrieve data from anywhere, including data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains, and much more. This brings huge benefits to the DApps developers in the Plasm and Polkadot ecosystem, opening up an entirely new realm of possibilities that we have yet to discover.
“We’re excited to empower Plasm’s scalable smart contract platform using Chainlink’s decentralized oracle networks to provide access to off-chain data resources,” stated Daniel Kochis, Head of Chainlink Business Development. “We look forward to further integrations to help them unlock more value for their developers and users, allowing Plasm to seed DeFi within the Polkadot ecosystem.”
“Oracles have become a critical component of not just DeFi, but smart contract applications across numerous markets.” Sota Watanabe, Founder of Plasm Network. “We are excited to integrate Chainlink’s secure and reliable price oracles in order to help seed the Polkadot DeFi ecosystem. Plasm’s scalable, interoperable design mixed with Chainlink highly available, tamperproof oracles provides the perfect combination to create high-frequency dApps fully integrated with the real world.”
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give smart contracts on any blockchain access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
Plasm Network is a leading scalable smart contract platform on Polkadot supporting cutting edge layer 2 solutions such as Plasma, and Rollups. Plasm aims to be the first Polkadot Parachain. Polkadot Relaychain doesn’t support smart contract functionalities by design. Hence, Polkadot needs a smart contract Parachain. When it comes to smart contracts, the most critical issue is scalability and cheaper transaction costs. This is where Plasm Network comes in.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Plasm, view official announcement.