Plasm is the latest DeFi developer to join the customer-base of Chainlink. It announced the integration of Chainlink Price feeds on Mainnet to provide asset valuation in the Lockdrop service. The first phase of integration includes adding BTC/USD, and ETH/USD price feeds to Plasm.
Lockdrop is a DeFi application that rewards users based on their locked BTC and ETH holding. Plasm needs an accurate price of holdings to calculate the reward for each user. The Chainlink Price Reference Data will offer the required price from multiple data aggregators
Plasm plans to increase DeFi offerings, and they will all use services from Chainlink.
“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,” according to the blog post from Plasm.
Plasm Network offers smart contract use-cases to developers. It’s based on Parity’s Substrate framework and fully compatible with Polkadot. Developers interested in the Polkadot features can use Plasm, as the underlying platform for their smart contracts. They surely need access to reliable on-chain, and off-chain data, and Chainlink oracles can help them.
Next to the BTC/USD and ETH/USD price feeds available from Chainlink oracles, Plasm can benefit from many more use-cases after integration. Layer 2 Dex on Plasm Network is another critical use case for Chainlink Price Reference Data. Plasm can create price feeds for the assets trading on DEX and offer reliable, accurate prices for developers and users. Chainlink also offers a Verifiable Random Function.
Decentralized games on the Plasm network can use this feature as a constant source of randomness and provide random rewards like NFTs to gamers.
“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.”
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