EMP Money Integrates Multiple Chainlink Services To Help Power Distributions and Raffles
In May 2022, we integrated Chainlink Price Feeds into the EMP Money protocol. By doing so, we were able to display accurate price data of BNB and ETH in USD terms.
In support of the continued growth and maturation of our decentralized infrastructure, we have expanded our integration to include Chainlink Verifiable Random Function (VRF) to help randomize daily raffles, and Chainlink Automation to help distribute NFT reward pools.
By integrating Chainlink VRF, we can have a provably fair and verifiable RNG to underpin our Detonator contracts in our raffle. Implementing Chainlink Automation helps streamline our NFT reward pool distribution and create a more efficient process.
Through a combination of Chainlink Price Feeds, VRF, and Automation, we were able to instill more confidence in our participants, streamline our operations, and strengthen the integrity of our protocol, ultimately helping us establish more trust within the DeFi community.
- 6,896 unique NFTs priced accurately
- 80 Engineering hours saved
- $100,000+ saved in user gas fees
The Continued Growth of EMP Money Through Chainlink Service Support
EMP Money is a revolutionary DeFi protocol on the BNB Chain and has been one of the fastest-growing and most sustainable projects in all of DeFi. EMP has implemented numerous smart contracts, including Detonator and Reactor (ROI contracts), nodes, yield farming, NFTs, and other unique economic incentives and game-theory centric dynamics to provide user rewards. We’re now offering our ultra-successful Detonator contract as a service to other protocols with our DaaS program.
Displaying Accurate NFT Prices With Chainlink Price Feeds
With our previous price data solution, we kept receiving incorrect price data because some centralized exchanges displayed the wrong data. By using Chainlink Price Feeds, we have access to market-wide price data that’s weighted to reflect the volumes being traded in each trading environment.
Integrating Chainlink Price Feeds provides us with:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by the data provider or the oracle network.
- Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
Supporting EMP’s Detonator Contracts With Chainlink VRF for Randomized Daily Raffles
We had developed a randomness algorithm for our raffles that was functioning well, and serving its purpose. But in that we’re a team that’s constantly looking to uplevel our protocol, we felt that as we continued to grow larger and larger it was important to implement Chainlink VRF to help randomize our daily raffle, not only because it was from a third party, but because it’s the most provably fair and transparent RNG that exists. This also helps us minimize any potential exploits and provides yet another layer of security.
Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The EMP Money smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This helps provide users with automated and publicly verifiable proof directly on-chain that each EMP Money contract using Chainlink VRF for randomness is provably fair and cannot be tampered with or predicted by the oracle, outside entities, or the EMP Money team.
Distributing NFT Reward Pools With Chainlink Automation
By utilizing Chainlink Automation to help distribute NFT reward pools, we were able to streamline our code and cut down development time.
We chose to leverage Chainlink Automation because it provides us with:
- Highly reliable, performant, and decentralized automation — Chainlink Automation ensures transactions are identified and confirmed quickly even during periods of heavy network congestion by leveraging Chainlink’s battle-tested transaction manager.
- Time-tested infrastructure that helps save costs — Chainlink Automation enables us to eliminate in-house automation infrastructure costs, reduce resources spent on DevOps, and increase speed and efficiency.
- Built to enable faster scaling — Chainlink Automation enables us to scale faster and avoid the challenges that come with building and maintaining the infrastructure needed to reliably automate across multiple chains.
- Unlocks new use cases — With smart contract automation, we’re able to explore new use cases and unlock capabilities that would otherwise not have been possible.
- Easy-to-use — Developers are able to schedule time-based automation jobs in seconds using the Chainlink Automation Job Scheduler’s no-code UI.
Looking Ahead: Becoming a Game-Changing DeFi Protocol for Crypto Users.
At EMP Money, the name of the game for us is growth, innovation, and education. We chose to integrate Chainlink for a number of reasons. Integrating its services in our protocol has helped us become a more professional and respected protocol. And as we continue to establish ourselves as one of the leaders in the DeFi space, we’re constantly looking for the right projects to align ourselves with. By implementing these Chainlink services, we plan on growing our Software as a Service portion of the protocol with our Detonator style contracts.
“We could not be happier to be part of the Chainlink ecosystem. By leveraging Chainlink Price Feeds, VRF, and Automation, we’ve been able to increase the reliability, transparency, and performance of our protocol.” — AJ Brockman, EMP Money Founder & Team Lead
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About EMP Money
EMP Money is a revolutionary DeFi protocol on the BNB Chain and has been one of the fastest-growing and most sustainable projects in all of DeFi, continuing to scale massively, even in a bear market. The team has proven to be leaders and innovators in the space.
EMP’s token value is algorithmically pegged to the price of Ethereum via seigniorage at a rate of 4000 EMP:1 ETH. As the value of ETH goes up and down, the ecosystem is able to mint new EMP in a responsible manner to maintain the EMP/ETH correlation. Investors are able to enjoy high yields normally only found on high-risk assets, but with exposure to ETH instead!
EMP Project Page: https://emp.money
Discord community: https://discord.gg/empmoney
Youtube Channel: https://youtube.com/c/EmpMoney
Facebook Page: https://www.facebook.com/emp.money
Disclaimer: Nothing in this article is intended to be considered investment advice. No one, including the author, the team or the publication shall hold responsibility or liability for any investments, profits or losses you may incur as a result of this information. Readers are encouraged to perform their own research before making any investment decisions. This content is intended for informational and educational purposes only.