We're excited to announce that Maxity — a social impact protocol dedicated to supporting NGOs and charities — has integrated Chainlink Price Feeds on Polygon mainnet. By integrating the industry-leading decentralized oracle network, Maxity has access to high-quality, tamper-proof price feeds needed to help display accurate NFT prices on the Maxity NFT marketplace. This will provide our users with stronger assurances that NFT prices displayed in the UI are based on highly accurate, reliable, and decentralized price data.
Our initial integration involves the use of the following Chainlink Price Feeds: MATIC/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.
Maxity is a social impact protocol with an NFT marketplace that includes a volunteering and SocialFi model. We're building a symbiotic metaverse in support of the United Nations Sustainable Development Goals (SDGs). We are delighted to partner with leading charitable organizations, assisting them in realizing the potential of NFTs, leverage NFT fundraising to generate new revenue streams and engagement, and ultimately give back to society.
We provide one of the first dedicated NFT marketplaces for charities to raise funds: Maxity's NFT marketplace. It was launched in March 2022, and by August 2022, we had onboarded 84 charities with most NGOs having begun to actively sell NFTs. These numbers are expected to increase dramatically as the benefits to charities become more widely known.
The Maxity NFT marketplace runs on Polygon and we plan to run it in parallel on Ethereum. In order to help display MATIC/USD prices on our 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.
In the near future, we are planning to integrate Chainlink’s ETH/USD price feeds, along with other Chainlink trust-minimized services like Chainlink VRF and Chainlink Keepers.
“We chose to integrate Chainlink Price Feeds because it provides access to high-quality, hyper-reliable, and decentralized price data. We’re now able to better support charities selling NFTs through our marketplace.” — Professor Xiong Yu, Director of Maxity
About 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.
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 Maxity
Maxity is the world's first Web3 social impact protocol that solves charity transparency and fundraising issues through blockchain technology. A Symbiotic Metaverse where charities and NGOs can raise funds with the help of NFTs, V2E, and SocialFi models and finally achieve the UN SDGs.