49. Chainlink Price Feeds to Help Accurately Price Digital Land on Illuvium
We’re excited to announce that Illuvium has expanded its Chainlink integration to include Chainlink Price Feeds — the industry standard for decentralised, off-chain price data — on Ethereum. The ILV/ETH Chainlink Price Feed serves the mission-critical role of helping ensure that the ongoing sale of Illuvium: Zero land plots is fair to all participants. The ILV/ETH Chainlink Price Feed provides accurate price data to help ensure that land plot buyers pay the same underlying price regardless of whether they’re transacting in sILV2 or ETH.
As the first AAA play and earn blockchain game that’s community-governed, Illuvium only uses the highest-quality infrastructure in Web3. As the industry-leading decentralised oracle network, Chainlink is undoubtedly the best solution for accessing a rich source of decentralised price data. Chainlink Price Feeds already help secure tens of billions of dollars in value for leading DeFi protocols and have multiple layers of decentralisation at the data source, oracle node, and oracle network levels — giving high assurances that the price data cannot be tampered with by any party.
Helping Secure Land Plots in Illuvium: Zero
Land plots are an integral part of Illuvium: Zero. Users who own land plots can produce valuable tokens, most notably fuel — an ERC-20 token that allows players to build and upgrade structures on the land. Utilise fuel for all transactions inside the Illuvium game. Specific production capacity is dependent on the tier of land (1–5); see here for more details.
As the registrations for the Land Sale alone are in the hundreds of thousands, we must create a fair process that seeks to eliminate excess GAS fees. We attempt to accomplish this through a three-day Dutch auction: an auction that starts with a set price and rapidly decreases until it gets bought. One hundred Percent of the revenue from land sales goes back to stakers in the form of revenue distributions.
Tier 1–4 Land plots are available for sale in ETH and sILV2, and Tier 5’s only ETH. Potential landowners must choose to buy the land in one of these currencies. To help ensure that the ETH-sILV2 price ratio is accurate and the transaction functions essentially the same regardless of how users pay, we needed access to accurate and decentralised on-chain price data.
After considering a multitude of options, we decided to move forward with Chainlink Price Feeds because they offer critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data aggregated from hundreds of exchanges, weighted by liquidity depth, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more accurate global market prices resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- 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 with a strong track record of reliability, even during high gas prices and extreme network congestion.
- Decentralised Network — Chainlink Price Feeds are decentralised at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
- Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks and check the real-time prices being offered.
“Chainlink Price Feeds have a reliable and secure performance history for DeFi protocols, such as Synthetix. Using Chainlink to help secure our land plot mechanism, we’re furthering our commitment to using high-quality infrastructure and creating a world-class Web3 gaming experience.” — Kieran Warwick, Co-Founder of Illuvium.
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.
Illuvium is a AAA studio building a creature-based universe of multiple games running on the Ethereum blockchain and run by a DAO (Decentralized Autonomous Organization). Operating as a DAO allows the token holders to guide the project. The holders of $ILV vote for Council Members who consequently vote on proposals.
Permanent in-game items are ‘minted’ as NFTs, which exist on the blockchain, allowing players to own the items they find or buy. Players trade these items freely.