Only1 Integrates Chainlink Price Feeds To Power Its NFT Marketplace
We’re excited to announce that Only1 — one of the first NFT-powered social platforms on Solana — has integrated Chainlink Price Feeds on Solana mainnet. By integrating the industry-leading decentralized oracle network, Only1 has access to high-quality, tamper-proof price feeds needed for the native NFT marketplace. Ultimately this integration helps provide our users with stronger assurances that the NFT marketplace has a reliable source of price data and helps users make educated and informed decisions.
Our initial integration involves the use of the following Chainlink Price Feeds: SOL/USD. 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.
By merging existing social network capabilities with blockchain and NFTs, Only1’s SocialFi (social finance) aims to revolutionize the relationship between creators and their fans by introducing a C2E (Create-to-Earn) model that incentivizes and rewards both creators and fans at the same time. Built on the Solana blockchain, Only1 provides an accessible, low-cost solution for users — especially Web2 creators. By using Only1’s one-stop platform, users can enjoy and participate in SocialFi by creating content and engaging with other users to start receiving rewards.
In order to help secure our real-time price of NFTs on our NFT Marketplace, 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.
“Chainlink Price Feeds are the most widely adopted and credible solution in the industry. This integration helps bring accurate and real-time prices to Only1, giving our development team more time to focus on building more novel social features for creators and our community.” — Leon Lee, Founder and CEO at Only1.
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.
Backed by Alameda Research, Solana Foundation, and Animoca Brands, Only1 is an NFT-powered social platform on Solana that aims to decentralize and empower direct creator-fan relationships. Only1 rewards fans for their engagement while creators can create Memberpass NFTs for their closest fans — offering a Web3 solution to bridge the gap between the creator economy and fan engagement. Decentralization is coming to social media.