UGS Labs Integrates Chainlink

Published on: 13.01.2023
UGS Labs Integrates Chainlink

UGS Labs Integrates Chainlink Price Feeds to help determine NFT Floor Prices.  UGS Labs, a Solana-based Automated Liquidity Provider (ALP).

By integrating the industry-leading decentralized oracle network, UGS Labs now has access to high-quality, tamper-proof price feeds. It is in need of to help determine the floor price of NFT collections in USD. This will provide its users with stronger assurances that CORE is running off the highest quality price feeds available in Web3.

Initial integration involves the use of the following Chainlink Price Feeds:

  • Solana/USDC

UGS Labs chose Chainlink as its go-to oracle solution because its infrastructure seamlessly integrates and is 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.

CORE, a cutting-edge Automated Liquidity Provider (ALP), enables users to purchase NFTs for as little as 33% of their value directly on the exchange they already use.

There are two ways of viewing CORE:

  1. As a trader, CORE is leverage trading for NFTs.
  2. As a collector, CORE is a layaway for NFTs.

In order to help secure the liquidation mechanism, which relies on robust NFT pricing in USD terms, traders and collectors use the CORE to purchase NFTs. UGS Labs 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.

ABOUT UGS Labs

Underground Society Labs (UGS Labs) is building products and services with the principal purpose. Solving major issues that are currently restraining the potential of Solana NFTs and the broader ecosystem, while not limiting the project to sole utility.

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