NeoNomad Finance Integrating Chainlink Price Feeds Integration on Solana
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 its users with stronger assurance that the live gold or silver price will be accurately reflected in the value of the dynamic NFT.
Their initial integration will involve the use of the following Chainlink Price Feeds: XAU/USD and XAG/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.
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 their gold and silver asset-backed NFTs, 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 their application.
NeoNomad Finance selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data
- Secure Node Operators
- Decentralized Network
- Reputation System
By integrating Chainlink Price Feeds, NeoNomad Finance are able to enhance transparency and trust when it comes to their dynamic asset-backed NFTs. In the near future, they 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.
— Ernst Jordaan, Co-Founder
“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.”
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 NeoNomad Finance
NeoNomad Finance is one of the first decentralized ecosystems to bridge the gap between traditional finance, real world-assets, and DeFi on Solana. It is an all-inclusive, integrated ecosystem, providing diverse DeFi services and tools under one roof. Some of these services include a DEX, integrated payments services, and asset-backed NFTs. On the DEX, NeoNomad provides lending, yield farming, and staking, among other services.
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