Game X Change Integrates Chainlink Price Feeds to Help Secure Its NFT Marketplace
We’re excited to announce that Game X Change — a blockchain gaming platform that allows users to transfer in-game currencies and assets from game to game — has integrated Chainlink Price Feeds on Binance Smart Chain mainnet. By integrating the industry-leading decentralized oracle network, Game X Change has access to high-quality, tamper-proof market data feeds needed to help secure price conversions on the Game X Change NFT marketplace. This will provide our users with stronger assurances that the prices they see within the Game X Change marketplace are backed by globally accurate price reference rates.
Our initial integration involves the use of the following Chainlink Price Feed, though we plan to integrate more in the future: BUSD/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.
Game X Change is a gaming platform where users can move assets from one platform, game, or blockchain to another, in a safe and controlled way. Game X Change offers rewards for playing, earning, and farming across the platform through its native utility token, GXP. The Game X Change platform provides gamers with the opportunity to play and earn by transferring in-game currency and NFT assets from one game to another.
For developers, Game X Change provides the tools and technology that enable developers of all sizes to incorporate blockchain technology into their games by creating digital assets and currencies through the platform
In order to help secure price monitoring within 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.
We look forward to leveraging Chainlink in the future beyond the current integration by utilizing other decentralized services like Chainlink VRF and Keepers throughout the Game X Change ecosystem.
Haniff Knight, Co-Founder of Game X Change, said, “Our integration of Chainlink Price Feeds helps bring better visibility and transparency to the price reference rates offered within our NFT marketplace. Given their reliability and accuracy, Chainlink Price Feeds now serve as a trusted benchmark to help ensure that purchases are verified and rates are consistently aligned.”
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.
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 Game X Change
Game X Change is a gaming platform where users can move assets (virtual cash and NFTs) from one platform, game, or blockchain to another, in a safe and controlled way. Play & earn and convert in-game currencies and NFTs from game to game! Game X Change offers rewards for playing, earning, and farming across the platform through its native utility token, $GXP. Through the use of Game X Change’s technology solutions stack, developers are provided with a full suite of tools to innovate and integrate both legacy and blockchain games. Game X Change is the future of game asset exchange.
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