Mighty Llama NFT Integrates Chainlink Price Feeds to Help Denominate Digital Assets in USD

We’re excited to announce that Mighty Llama — a Web3 NFT and gaming startup — has integrated Chainlink Price Feeds on Polygon mainnet. By integrating the industry-leading decentralized oracle network, Mighty Llama NFT has access to high-quality, tamper-proof price feeds needed to denominate Matic prices in USD-terms on Polygon. This integration helps provide our users with stronger assurances that digital asset prices are accurate and remain constant in USD-denominated terms for users when paying in Matic.

Our initial integration involves the use of the following Chainlink Price Feeds: Matic/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. 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, flash crashes, and data manipulation attacks via flash loans.

The Mighty Llama NFTs are free to mint and are also the foundation of our long-term vision for the Mighty Llama NFT ecosystem. To help power that ecosystem, Xbloklabs has a native, utility-based in-game token, Xblok. Members can buy NFTs and in-game assets using this token.

In order to help ensure Xblok buyers have a constant USD-based price to buy the digital asset when paying with Matic, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
• Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

“Decentralization is a highly promising concept that eliminates centralized points-of-failure and provides dApp users with increased security and trust. However, implementing decentralized solutions can be complex and often requires significant time and resources. Chainlink services offer an efficient and cost-effective solution to this challenge, allowing creators and developers to focus on innovation and user experience without worrying about the underlying infrastructure. With Chainlink, we can easily access high-quality Web3 services, giving us the freedom to explore new frontiers in the world of blockchain and crypto.” –Bardia Suny Co-Founder & CTO

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Mighty Llama NFT

Mighty Llama is a cutting-edge NFT and gaming startup, focused on bringing innovative and engaging experiences to the blockchain and gaming spheres.

With our top-tier team of developers and designers, we aim to provide users with unparalleled access to unique and valuable digital assets, while also offering exciting and immersive gameplay experiences. Whether you’re a seasoned crypto enthusiast or a gaming fan looking to explore the world of blockchain, Mighty Llama has something to offer everyone.

Join us on our mission to revolutionize the way we interact with digital assets and games.