JGN DeFi
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JGN DeFi

Juggernaut Integrates Chainlink Oracles To Create Dynamic NFTs on BSC!

We are excited to announce that Juggernaut, an NFT marketplace on Binance Smart Chain (BSC), will be integrating the industry-leading oracle solution Chainlink to enable the creation of dynamic NFTs on BSC. By leveraging the large collection of pre-built and time-tested Chainlink Price Feeds running natively on BSC, Juggernaut can now support the creation of dynamic NFTs that change according to different market conditions.

As the most widely used oracle solution, Chainlink already secures billions of dollars across the DeFi and NFT ecosystems. This provides our users with definitive proof that our dynamic NFTs will evolve based on data that accurately reflects the aggregate trading activity across all exchanges. At Juggernaut, we want to be at the forefront of NFTs, and what better oracle solution to integrate than Chainlink to create groundbreaking NFTs!

Chainlink’s decentralized Price Feeds, with their high standard of accuracy, will enable Juggernaut to be a new playing field for DeFi and NFT innovations, opening new opportunities for creation and integration of new NFT use cases.

Apart from Dynamic NFTs, we are also exploring different use cases using Chainlink oracles such as Chainlink VRF (Verifiable Random Function) — a secure and verifiable random number generator purpose-built for smart contracts — for our upcoming JuggerDRAW games, as well as Chainlink Data feeds for different baskets of synthetic assets (Indexes).

Using Chainlink to Create Truly Dynamic NFTs

The goal of the Juggernaut platform is to provide users with the best NFT experience possible. Our first steps to achieving this was the launch of an NFT marketplace on BSC, JGNNFT.com, which allowed users to buy and sell their NFTs in an entirely permissionless manner. Innovation at Juggernaut never stops though, and we wanted to enable the creation of dynamic NFTs that can spawn, evolve, and/or devolve based on a set criteria of conditions. The key difference to regular NFTs is that dynamic NFTs are not static, but can respond to external events and change over time.

When researching the BSC ecosystem, we found out that there were hardly any dynamic NFTs on the market. Having a widely used NFT Exchange on BSC created an opportunity for us to fill this market niche. However, we were still missing the last important piece of the puzzle: a decentralized oracle solution that would provide us with data that was accurate, unalterable, constantly updated, and easy to integrate.

The integration of an oracle solution is what makes the NFT truly dynamic and therefore we needed a highly secure solution that we knew users could trust. Through our investigation, we were thrilled to learn how easily we could integrate Chainlink-powered decentralized oracle networks into our ecosystem, taking our original vision forward with transparent data feeds.

Technical Chainlink Integration Details

In its first iteration, dynamic NFTs created in the Juggernaut ecosystem will leverage Chainlink’s widely used Price Feeds to fetch the market price of different crypto assets that will then determine how the NFT evolves. Chainlink Price Feeds are secured by a decentralized network of Sybil-resistant and security reviewed node operators who fetch and aggregate data from multiple premium data aggregators.

Chainlink’s approach to security ensures the Juggernaut ecosystem always receives price data that reflects the entire trading market, providing protection against data manipulation attacks (e.g. flash loans) and actively removing outliers. This data needs is updated constantly throughout the day to deliver a dynamic experience. Thanks to Chainlink’s existing integration into the BSC ecosystem, we are able to seamlessly integrate Chainlink with minimal development friction.

Here is a diagram on how we will incorporate Chainlink’s Data Feeds into our Dynamic NFTs:

Process Overview

  • First, Chainlink Price Feeds fetch and aggregate market data from multiple premium data aggregators and then delivers it onto the BSC network as a single data update where it can be consumed (e.g. the price of DOGE).
  • With this information on-chain, we can query the data feed from our smart contracts, and modify the NFT assets depending on the values provided by Chainlink oracles.
  • We enable the minting of the NFTs on BSC through our JGNNFT.com exchange platform, so they can be displayed and traded easily.
  • Lastly, we will list the dynamic NFTs in our platform, allowing users to acquire NFTs whose visual characteristics change depending on the daily price action of a particular asset.

Chainlink is the clear leader in providing data for the cryptocurrency space, due to its decentralized nature, accuracy and ease of use. We believe that simple models lead to great results, and Chainlink manages to take something incredibly complicated and give blockchain projects a simple and clean solution for their data needs.

“I have never seen a more professional team in the crypto space than Chainlink Labs. No waste of time, clear guidelines, and a great product suite. Very reliable team. We are excited to build Dynamic NFTs with the Chainlink technology, and also to explore future opportunities with the impressive oracle solutions of the Chainlink Network.” — Nacho, Co-Founder of Juggernaut (JGN).

For Juggernaut, this integration with Chainlink is a long-term play. There are a lot of collaboration opportunities, and we are excited about the future!

About Chainlink

Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.

Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.

Docs | Discord | Reddit | YouTube | Telegram | Events | GitHub | Price Feeds | DeFi | VRF

About Juggernaut

Juggernaut (JGN) is a complete custom DeFi suite, governance, and NFT ecosystem with full BSC compatibility.

We are creating the go-to BSC NFT Exchange. Open access, freedom of assets, and available for anyone, anywhere.

We are building an NFT infrastructure, games, collections, and our Exclusive BSC NFT Exchange. Juggernaut is building a unique ecosystem, full of exciting use cases, merging the possibilities of DeFi with NFTs.

Website | NFT Exchange | Twitter | Telegram | Medium | Resources

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