The MonkeyFirm Integrates 40 Chainlink Price Feeds to Accurately Price Its Token NFTs
We’re excited to announce that The MonkeyFirm (MFRM) — a decentralized, non-custodial Token NFT portal site — has integrated Chainlink Price Feeds on Ethereum, BNB Chain, Polygon, and Fantom mainnet. By integrating the industry-leading decentralized oracle network, The MonkeyFirm has access to high-quality, tamper-proof price feeds required to help accurately price its Token NFTs. High-quality data from Chainlink Price Feeds helps provide our users with stronger assurances that OTC trades are by tamper-proof price data featuring broad market coverage.
Our initial integration involves the use of 40 Chainlink Price Feeds across four different blockchains. The MonkeyFirm chose to integrate Chainlink as their go-to oracle solution because its infrastructure is seamless 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 new MFRM platform is a fully-functional decentralized OTC solution. Imagine setting up peer-to-peer trades and never having to pay 20% slippage or exorbitant transaction fees again. Imagine not having to worry about timezone issues, finding reliable third-party escrows, or trusting other traders to follow through. These headaches do not exist with MFRM Token NFTs.
The MFRM dev team also recently added a new feature to the platform titled “Price Band”. This allows OTC traders to set the sale of Tokens at certain percentages below or above market spot prices. This feature, combined with Chainlink Price Feeds, helps ensure the desired sale price doesn’t go below the preset threshold since the price floor gets locked when initiating the OTC trade.
In order to help secure MFRM’s Token NFT platform, access to fresh asset prices that are supplied directly on-chain in a highly reliable manner is required. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, MFRM needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by their application.
After reviewing various oracle solutions, MFRM integrated Chainlink Price Feeds as 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 look forward to seeing the benefits that Chainlink Price Feeds can bring to our users, and are excited about future integrations as the tech continues to develop and the market matures.
“We believe our Token NFT platform is a game-changer — thanks to developments in blockchain technology, trustless OTC trading is now possible. Integrating world-class infrastructure such as Chainlink ultimately enables MFRM to be a more robust, feature-rich platform,” stated Hazel Bouvard, General Manager of MFRM.io.
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.
About The MonkeyFirm
MFRM invented Token NFTs (TNFTs), which allows for OTC block-trading of altcoins across four chains. MFRM decentralized OTC market is the perfect solution for users looking to buy or sell large amounts of illiquid altcoins without making a large impact on the spot price. This allows users to avoid liquidity drops and varying prices per asset in a trustless manner — solving one of the blockchain ecosystem’s largest pain points.
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