We are proud to announce that we have completed the first stage of integrating Chainlink Price Feeds. Currently we’ll be running this in line with the launch of our SeleCT x StormX NFTs. Already live on the Ethereum mainnet, this integration involves the use of Chainlink Price Feeds for STMX/USD, ETH/USD, and USDT/USD.
Why Chainlink?
We selected Chainlink Price Feeds because they are the most time-tested and widely adopted price oracle solution in the industry, already securing tens of billions of dollars for leading DeFi and NFT projects.
“Chainlink Price Feeds use high quality data and decentralized oracle infrastructure to provide users with strong assurances that they are always getting fair, up-to-date exchange rates on all platform transactions.” - Matthew Chuen, Head of Marketing, StormX
The use of Chainlink Price Feeds reduces slippage and removes any central point of failure or manipulation, leading to a superior user experience. As a result, our users will be able to purchase NFTs in cryptocurrencies for a fixed amount, starting with STMX, ETH, and USDT.
Enhancing the StormX ecosystem with Chainlink Price Feeds.
As users of StormX are already aware of, our intuitive platform allows users to earn cryptocurrency through online shopping. StormX already supports over 800+ online stores, and up to 87.5% crypto cashback on purchases.
The first stage of utilising Chainlink’s integration will be through the utilisation of our fist NFT sale. Through partnering with Kevin “SeleCT” Ryoo, we have helped to bring his 'Sup Son? shrug', an emoji that is used globally to the blockchain. The Sup Son? Emoji was widely used in eSports tournaments by fellow players, but originates from his nonchalant way of taunting his players and as a victory pose.
To simplify the process of purchasing, trading, and listing StormX NFTs, we need a secure, reliable, and precise source of financial market data regarding the exchange rate of various cryptocurrencies against the US dollar. Since blockchains don’t natively generate global exchange rates nor do they have built-in capabilities to call external APIs, we require an additional piece of infrastructure known as an “oracle” to fetch external price data and deliver it on-chain.
After looking into the oracle ecosystem, we concluded that Chainlink was the best oracle solution in the market. The Chainlink Network offers hundreds of different time-tested Price Feeds across various blockchain networks, allowing us to quickly and seamlessly plug them into the StormX platform to access premium decentralized exchange rates.
By leveraging the proven security and reliability of the Chainlink Price Feeds, the StormX ecosystem is able to expand its product suite and further secure its platform. Users can take advantage of this integration today by exchanging their crypto for StormX NFTs, while still earning crypto cashback on their online purchases. We will look to add more Chainlink Price Feeds in the future to expand support for any cryptocurrencies in-demand by our community.
“The integration of Chainlink Price Feeds enables rare StormX NFTs to be reliably purchased with existing cryptocurrencies at fixed prices such as in USDT. The integration was very straightforward, ultimately leading to a superior user experience for StormX users that we look forward to expanding with Chainlink in the future.” - Simon Yu, Co-Founder & CEO, StormX
“We’re excited to support StormX with decentralized price oracles so their users have the most secure, up-to-date, and precise exchange rates when making transactions on the platform or purchasing rare StormX NFTs. We look forward to providing more data and decentralized services to StormX in the future, helping them further enhance their utility and user experience.” - Daniel Kochis, Head of Partnerships at Chainlink Labs
About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks.
To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.