April 4, 2022
April 4, 2022

NeoNomad Finance Is Integrating Chainlink Price Feeds

NeoNomad Finance Is Integrating Chainlink Price Feeds to Help Secure Its Gold And Silver-Backed Dynamic NFTs

We’re excited to announce that NeoNomad Finance — an all-in-one DeFi ecosystem that includes a decentralized exchange, payments services, and an NFT marketplace — is integrating Chainlink Price Feeds on Solana mainnet. By integrating the industry-leading decentralized oracle network, NeoNomad Finance has access to high-quality, tamper-proof price feeds needed to provide the dynamic gold and silver price for the NFTs backed by these precious metals. This will provide our users with stronger assurance that the live gold or silver price will be accurately reflected in the value of the dynamic NFT.

Our initial integration will involve the use of the following Chainlink Price Feeds: XAU/USD and XAG/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.

NeoNomad Finance provides a range of diverse financial services under one roof to help make DeFi accessible to all. Firstly, the NeoNomad DEX enables users to trade and swap cryptocurrencies, as well as earn rewards through liquidity provisioning, staking, and yield farming. Secondly, NomadPay is a payments service allowing users to make crypto payments with Solana Pay, enabling point-of-sale transactions with an integrated VISA debit card. Users can also request SWIFT-compatible payments directly from the NeoNomad Dashboard. Thirdly, the NeoNomad NFT Marketplace provides innovative asset-backed NFT investments. Through MinDeFi, users can invest in gold and silver NFTs that are backed by physical gold and silver bars. Similarly, AgDeFi makes it easier to invest in agriculture; users can invest in agricultural assets such as cows and pecan trees, and then earn returns on their investment through milk production and crop yields.

In order to help secure our gold and silver asset-backed NFTs, 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 selected 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.

We believe that by integrating Chainlink Price Feeds, we are able to enhance transparency and trust when it comes to our dynamic asset-backed NFTs. In the near future, we also plan to integrate Chainlink Proof of Reserve to help provide additional guarantees that we cannot mint more tokens in excess of the gold and silver bars stored in our vault.

“For months, we were investigating transparent and scalable solutions for on- and off-chain price feeds to enable a new, transparent financial instrument. Chainlink provided these solutions and opened the possibility for new asset classes.” — Ernst Jordaan, Co-Founder

About Chainlink

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.

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.