Planet Finance Utilizing Chainlink VRF and Price Feeds for Secure Launch of Green Planet and GAMMA token

Randomization and fairness are the key terms for Planet Finance as they continue to break the mould and build, utilizing key features from Chainlink.

By
Dardania Havolli
on
November 29, 2021
Category:
Breaking News

Planet Finance Find Match Made in Heaven with Chainlink

Planet Finance has officially announced that it has integrated Chainlink Verifiable Random Function (VRF) and will utilize it for the airdrop snapshot of GAMMA tokens.

The project has also integrated Chainlink Price Feeds which will allow access to time-tested exchange rates which are crucial for pricing assets on Green planet, the new lending and borrowing protocol.

“We selected Chainlink because it’s the industry standard decentralized oracle network, offering cutting-edge oracle solutions for smart contracts needing premium off-chain data and secure off-chain computation services.” The Planet Finance team stated on their official Medium page on November 29th. 
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Chainlink Price Feeds already play a pivotal role in securing more than $70 billion in total value locked (TVL) for leading DeFi protocols. Renowned NFT and GameFi projects already make use of Chainlink VRF for verifiable randomness with regards to the array of NFT collections gaming paraphernalia (airdrops, loot boxes etc) available. 


Chainlink VRF Intrinsic to Picking Random Block Snapshot

With Planet Finance’s recent airdrop of GAMMA tokens, awarded to AQUA token holders with at least 1 AQUA in their wallet, the use of randomization was key. The snapshot was randomized and occurred at block number 12092601 on October 26th, the proof of which exemplifies the effectiveness of Chainlink VRF.

The key here was to be able to conduct the snapshot in a provable random and fair manner, this was done by securing a random number generator (RNG), that any user could willingly audit. For Planet Finance, the best and safest way to conduct this was via Chainlink VRF due to the fact it is based on world renowned research and supported by a time-tested blockchain oracle network. The security is honed in on through the generation and on-chain verification of cryptographic proofs that attest to the integrity of each random number supplied to smart contracts, ensuring fairness for all.

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Green Planet Lending Through Chainlink Price Feeds

Another necessity for Planet Finance was securing an accurate source of price data on-chain to unlock lending functionality for their users. With loans overcollaterlized, their smart contracts require the value of outstanding loans and collateral in order to determine a loan’s collaterization at any point in time. This necessitates timely precise, and secure price oracles. Chainlink Price Feeds was the natural choice for Planet in this regard. 

The following features they state were key for the decision made:

  • High-Quality Data — Data is sourced from numerous premium data aggregators like BraveNewCoin and Kaiko, leading to volume-adjusted global market prices with robust market coverage and built-in resistances to flash loan attacks.
  • Reliable Nodes — Price feeds are secured by a decentralized network of independent, security-reviewed, Sybil-resistant oracle nodes run by leading blockchain DevOps teams with a proven history of hyper-reliability.
  • Decentralized Infrastructure — Both the data sourcing and transmission on-chain are decentralized, removing any central point of failure.
  • Blockchain Agnostic Chainlink is blockchain agnostic and already running on BSC, making it a straightforward integration that operates at the native speed and cost of BSC.

“Chainlink was our go-to solution for off-chain oracle infrastructure, providing us with secure RNG to conduct a fair airdrop and accurate price feeds to support a new lending service. These Chainlink-powered solutions were seamless to integrate while also giving our users the peace of mind that important on-chain processes are now more fair, reliable, and accurate.” The Planet Finance Team explained via their Medium announcement on November 29th.
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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.