Plena Finance Integrates Chainlink Price Feeds to Help Securely Calculate Reward Distributions
Plena Finance, a mobile-first application that provides comprehensive Web 3.0 and DeFi solutions, has integrated Chainlink Price Feeds to help secure the Plena Finance mobile application. By integrating the industry-leading decentralized oracle network, Plena Finance has access to high-quality, tamper-proof price feeds needed to fetch accurate asset prices that help calculate reward distributions from our variable asset vaults. This will provide our users with stronger assurances that the market data underpinning reward calculations reflects global fair market rates.
Their initial integration involves the use of the following Chainlink Price Feeds: ETH/USD and MATIC/USD. They chose Chainlink as their 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.
Plena Finance is a holistic and interoperable mobile application purpose-built for seamless user interactions. With a user-friendly interface and huge functionality, Plena gives the user the privilege of leveraging various Web 3.0 services, including DeFi offerings such as lending and borrowing, staking, on-ramping fiat, and social trading — all in one easy-to-use app.
This platform’s ability to give fast and convenient ways to trade, earn, and provide liquidity has made it stand out in the DeFi space. Having variable asset vaults, access to NFT marketplaces, DeFi staking, and a non-custodial wallet makes it an exciting solution for new Web3 joiners. With Plena Finance, DeFi users get an idea of how Web3 is revolutionizing how we know and understand finance.
To help secure Plena Finance’s reward distribution calculation process in the variable asset vaults, they 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, they 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.
“We are excited to integrate an open-source infrastructure solution in the blockchain industry such as Chainlink. Chainlink is the industry leading decentralized oracle technology, and by integrating their amazing market data solutio, Plena Finance’s vision of bringing a perfect Web3 mobile application to the world is one step closer to reality.”
— Sparsh Jhamb, Plena Finance CEO.
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.
About Plena Finance
Plena is a mobile-first application that provides comprehensive Web 3.0 and DeFi (including NFT and Metaverse) services. This is a private, gasless and interoperable application that is compatible with both iOS and Android devices.
The Plena team is a family of passionate and hardworking Web3 enthusiasts working towards a common goal of making Web3 products accessible, simple, and rewarding for the masses with a robust and comprehensive ecosystem.
