Randomization and fairness are the key terms for Planet Finance as they continue to break the mould and build, utilizing key features from Chainlink.
Planet Finance Find Match Made in Heaven with Chainlink
Planet Finance has officially announced that it has integrated Chainlink Verifiable Random Function (VRF) and will utilize it for the airdrop snapshot of GAMMA tokens.
The project has also integrated Chainlink Price Feeds which will allow access to time-tested exchange rates which are crucial for pricing assets on Green planet, the new lending and borrowing protocol.
“We selected Chainlink because it’s the industry standard decentralized oracle network, offering cutting-edge oracle solutions for smart contracts needing premium off-chain data and secure off-chain computation services.” The Planet Finance team stated on their official Medium page on November 29th.
Chainlink Price Feeds already play a pivotal role in securing more than $70 billion in total value locked (TVL) for leading DeFi protocols. Renowned NFT and GameFi projects already make use of Chainlink VRF for verifiable randomness with regards to the array of NFT collections gaming paraphernalia (airdrops, loot boxes etc) available.
Chainlink VRF Intrinsic to Picking Random Block Snapshot
With Planet Finance’s recent airdrop of GAMMA tokens, awarded to AQUA token holders with at least 1 AQUA in their wallet, the use of randomization was key. The snapshot was randomized and occurred at block number 12092601 on October 26th, the proof of which exemplifies the effectiveness of Chainlink VRF.
The key here was to be able to conduct the snapshot in a provable random and fair manner, this was done by securing a random number generator (RNG), that any user could willingly audit. For Planet Finance, the best and safest way to conduct this was via Chainlink VRF due to the fact it is based on world renowned research and supported by a time-tested blockchain oracle network. The security is honed in on through the generation and on-chain verification of cryptographic proofs that attest to the integrity of each random number supplied to smart contracts, ensuring fairness for all.
Green Planet Lending Through Chainlink Price Feeds
Another necessity for Planet Finance was securing an accurate source of price data on-chain to unlock lending functionality for their users. With loans overcollaterlized, their smart contracts require the value of outstanding loans and collateral in order to determine a loan’s collaterization at any point in time. This necessitates timely precise, and secure price oracles. Chainlink Price Feeds was the natural choice for Planet in this regard.
The following features they state were key for the decision made:
High-Quality Data — Data is sourced from numerous premium data aggregators like BraveNewCoin and Kaiko, leading to volume-adjusted global market prices with robust market coverage and built-in resistances to flash loan attacks.
Reliable Nodes — Price feeds are secured by a decentralized network of independent, security-reviewed, Sybil-resistant oracle nodes run by leading blockchain DevOps teams with a proven history of hyper-reliability.
Decentralized Infrastructure — Both the data sourcing and transmission on-chain are decentralized, removing any central point of failure.
Blockchain Agnostic — Chainlink is blockchain agnostic and already running on BSC, making it a straightforward integration that operates at the native speed and cost of BSC.
Source : solana.news
