Plasm integrates Chainlink for asset valuation in Lockdrop service
Plasm is the latest DeFi developer to join Chainlink's customer base. Announced the integration of Chainlink Price sources on its Mainnet to provide asset valuation on the Lockdrop service. The first phase of integration includes adding BTC / USD and ETH / USD prices to Plasm.
Lockdrop is a DeFi app that rewards users based on their blocked BTC and ETH holdings. Plasm needs an exact price of the stock to calculate the reward for each user. Chainlink's price benchmark data will deliver the required price from multiple data aggregators. Plasm plans to increase DeFi offerings.
"We also plan to expand beyond DeFi, allowing our developers to use Chainlink's flexible framework and the ability to query any data resource to build data-driven applications across numerous markets and use cases," according to the Plasm blog post. .
Plasm Network offers use cases of smart contracts to developers. It is based on the Parity Substrate framework and is fully compatible with Polkadot. Developers interested in Polkadot features can use Plasm as the underlying platform for their smart contracts. They surely need access to reliable data on and off the chain, and Chainlink oracles can help them.
In addition to the BTC / USD and ETH / USD prices available from the Chainlink oracles, Plasm can benefit from many more use cases after integration. Layer 2 Dex on Plasm Network is another critical use case for Chainlink's price benchmark data.
Plasm can create pricing sources for assets that are traded on DEX and provide reliable and accurate pricing for developers and users. Chainlink also offers a verifiable random function. Decentralized games on the Plasm network can use this feature as a constant source of randomness and provide random rewards like NFT to players.
"Oracles have become a critical component not only of DeFi, but also of smart contract applications in numerous markets." Sota Watanabe, founder of Plasm Network.
“We are excited to integrate Chainlink's safe and reliable pricing oracles to help seed the Polkadot DeFi ecosystem. Plasm's scalable and interoperable design combined with Chainlink's highly available and tamper-proof oracles provides the perfect combination to create high-frequency dApps fully integrated with the real world.
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