FANPAD Integrates Chainlink Price Feeds for High-Quality Price Data used in IDO Allocations
We’re excited to announce that FANPAD — a new generation fundraising and funding platform — has integrated Chainlink Price Feeds on Fantom mainnet to provide accurate price data on all assets used within the protocol. By integrating Chainlink Price Feeds, FANPAD has access to high-quality, tamper-proof price feeds needed to help ensure IDO allocations are issued and redeemed according to current market prices. This will provide our users with stronger assurances that they’re investing within a fair market environment.
We chose Chainlink as our 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.
FANPAD is a new generation fundraising and funding platform that supports projects with much more than simply raising capital. They provide teams with assistance on technical aspects of their project, audits, legal matters, tokenomics, and setting up strategic partnerships. Ultimately they seek to contribute to both the projects they help launch and the greater Fantom ecosystem.
In order to help secure our fundraising and funding platform, we 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, we 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.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- 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 of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- 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 either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
Beyond Chainlink Price Feeds, we’re also looking to integrate Chainlink VRF into the protocol. Currently, FANPAD has three different ways to participate in a token sale: Lucky Draw, Allocation, and Public Round. Users will have the full opportunity to participate in token sales to help projects raise funds. However, as the lower levels of FANPAD IDOs have a large number of participants, we will employ a randomized lucky draw approach to pick members from those tiers. To accomplish this, we need to deploy a secure and transparent randomness solution that provides users with on-chain verification that the process is provably fair to all participants. Naturally, the Chainlink VRF is a clear choice for our protocol, given the importance that we place on transparency and fairness.
“We chose to use Chainlink trust-minimized services based on the combination of cutting-edge academic research and time-tested oracle infrastructure. We’re committed to creating a fairer investing platform for our users, and transparent, tamper-proof price data helps us achieve that goal.” — FANPAD team
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.
FANPAD is a new generation fundraising and funding platform for projects on the Fantom blockchain. Not only supporting projects in a financial aspect through token sale programs, FANPAD also supports projects in technical, tokenomics, audit, marketing aspects through strategic partners cooperation.
FANPAD aims to become a kick-starter platform but better, more perfect with fair mechanisms and for potential Fantom projects to reach more dedicated users and contribute value to the Fantom blockchain ecosystem. Stay tuned for more official announcements!