ParaSpace Integrates Chainlink NFT Floor Price Feeds To Help Secure NFT Loan Calculations
We’re excited to announce that ParaSpace is one of the first NFT financialization protocols to integrate Chainlink NFT Floor Price Feeds on Ethereum mainnet. This integration with the industry-leading decentralized oracle network provides ParaSpace users with access to high-quality, tamper-proof price feeds and helps enable our platform to calculate collateral amounts for users to borrow against their NFTs. With Chainlink NFT Floor Price Feeds, ParaSpace users can have stronger assurances that collateral calculations are based on high-quality, unbiased, and tamper-proof NFT floor price data.
Our initial integration involves the use of Chainlink NFT Floor Price Feeds for the following collections: Bored Ape Yacht Club, Mutant Ape Yacht Club, Doodles, CloneX, Azuki, and CryptoPunks. 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 and has recently launched NFT Floor Price Feeds to help power innovation in the NFT finance space.
ParaSpace is a decentralized lending protocol that allows users to borrow and lend against non-fungible and fungible tokens alike. ParaSpace allows users to tap into otherwise-unused capital to fund further yield and investment opportunities. The ParaSpace team believes in a future where tokenized assets proliferate with different kinds of utility, applications, and especially the connection to real-world assets. The next 10–20 years will see substantial changes in how we account for and transact valuable assets. Ultimately, ParaSpace will act as the permissionless and highly customizable infrastructure to solve many unmet needs in efficient uses of on-chain capital. We seek to bring Web3 and decentralized finance to billions of people.
In order to help secure collateral calculations on our NFT lending platform, we needed access to fresh NFT collection prices that are supplied directly on-chain in a highly reliable manner. Thus, we needed to make use of an oracle network to fetch floor price data off-chain and deliver it on-chain to be consumed by our platform.
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 are 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.
“Chainlink is the industry standard when it comes to price data, which is why it was a no-brainer to integrate the newly launched NFT Floor Price Feeds to help secure collateral calculations on ParaSpace. We’re excited to contribute to the growth of the novel NFT finance space.”
— Yubo Ruan, Founder at ParaSpace
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 ParaSpace
ParaSpace is a universal, cross-margin NFT lending protocol that enables users to collateralize both ERC-721 and ERC-20 assets into a single portfolio to borrow against. Backed by Sequoia Capital, Coinbase Ventures, Founders Fund and others. As a permissionless, on-chain NFT Financialization protocol, ParaSpace empowers users to have flexibility to borrow anything against everything.
Learn more about ParaSpace at para.space and docs.para.space.
