Chainlink Weekly Roundup: Drip Teddy Club, Interest Protocol and Nexus Mutual

by BSC News

August 26, 2022


Chainlink oracle services provide tamper-proof data and computations, supporting applications across several blockchains.

+1,600 Apps and Counting

Chainlink and smart contracts are becoming the backbone of world-changing applications.

With over 3 billion data points delivered to over 1,600 blockchain apps, the oracle network is working to optimize business processes and disrupt long-standing establishments. During the last few days, it integrated an insurance alternative, a Non-Fungible Token (NFT) club, and a lending protocol.


In this week's roundup:

Fair NFT Mints

Drip Teddy Club integrated Chainlink Verifiable Random Function (VRF) to help power a fair NFT mint.

The project will deliver a collection of 10,000 unique digital teddies featuring their own soundtrack, and VRF will help to randomly determine NFT traits.

"Drip Teddy Club requires best-in-class infrastructure to truly innovate within the NFT space. Chainlink VRF is now a critical part of our technology stack, helping to make our NFT mint fairer and more transparent," said NFT strategist Fashun Rivers.
Source: Chainlink

The random number generator will provide users with on-chain verifiable proof that the NFT trait selection process is fair and untampered.

Capital-Efficient DeFi

Interest Protocol (IP) announced a collaboration with Chainlink Labs, which includes the integration of Chainlink Keepers and Chainlink Proof of Reserve (PoR).

"We're excited to work with Chainlink to build a more transparent and capital-efficient DeFi ecosystem. Whether it's high-quality market data, secure smart contract automation, or real-time verification of reserves, oracles are essential to financial tools," said Getty Hill, Founder of GFX Labs, the company building IP.
Source: Chainlink
  • Keepers will be used to monitor loans and trigger liquidations if they are undercollateralized.
  • PoR will verify off-chain collateral, ensuring users are protected from substandard reserve practices.

Tracking 15K ETH

Nexus Mutual integrated Chainlink PoR to verify deposits on Maple Finance, an institutional crypto-capital network.

The mutual uses PoR to track and verify its 15,000 $ETH deposit to Maven 11's lending pool on Maple. Credit teams run lending businesses on Maple and evaluate companies' creditworthiness. As a result, Maven 11 can issue high-yield uncollateralized loans.

By integrating Chainlink Proof of Reserve, we're able to verify our deposits held on Maple Finance in real-time, helping give our users high confidence in the capital reserves that underpin our protocol," stated Hugh Karp, Founder of Nexus Mutual.
Source: Chainlink

Check out BSC News' weekly roundup to keep up with the latest regarding the smart contract powerhouse.

Last four editions:

What Is Chainlink:

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.

Where to find Chainlink:

Website | Twitter | Docs | Community

What Is Drip Teddy Club:

Drip Teddy Club wants to give its community "experiences of a lifetime" by engaging, rewarding, and working alongside some of the world's greatest musical artists, performers, producers, actors, athletes, and more.

Where to find Drip Teddy Club:

Website | Twitter

What Is Interest Protocol:

Interest Protocol is a borrow/lend protocol that brings to DeFi a fractional reserve system popularized by banks. Instead of posting houses as collateral and borrowing dollars, Interest Protocol users post wETH, wBTC, and UNI as collateral and borrow a stablecoin called USDi. Instead of depositing dollars into a bank and earning next to nothing in interest, IP users deposit USDC into the protocol and receive the lion's share of the fees paid by borrowers.

Where to find Interest Protocol:

Website | Twitter

What Is Nexus Mutual:

Nexus Mutual is a decentralized insurance alternative built on Ethereum. The mutual was created to give people a way to hedge against the unique risks in on-chain markets. Its members protect more than $252.6m in productive assets and have paid out $8.4m in claims.

Where to find Nexus Mutual:

Website | Twitter

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