ChainLink landed yet another partnership this month for its Keepers, VRF, and price feed solutions. OpenLuck, a cross-chain NFT marketplace, has signed a bulk deal with the oracle solution for multiple trustless services on BNB. The project hopes that these functions would complement its Luck Trading model which is a combination of crowdfunding and raffle draw.
In addition to the tamper-proof price feeds, ChainLink has recently launched several new trustless functions like the Verifiable Random Function and the ChainLink Keepers. These products have got the attention of up-and-coming NFT and GameFi projects making it one of the most sought-after solutions in DeFi.
Along this line, OpenLuck has signed a multi-service deal with ChainLink to enhance the functions of its Luck Trading model. The innovative trading idea brings several aspects like NFTs, crowdfunding, and raffle draw together. For instance, the OpenLuck draw lets users bid for the NFT auction through a ticket bought for a fraction of the original price. A lucky winner will then be chosen from hundreds of tickets to receive the NFT. These functions will now be supported by ChainLink services to ensure security and fairness.
First of all, the NFT platform hopes to entirely automate the operations of its crowdfunding infrastructure through ChainLink Keepers. This function helps automate operations by waking smart contracts at a specified time or condition. Since they are decentralized there is absolutely no way to interrupt the operations from outside.
Although it is possible to implement centralized or manual automations for these operations, users cannot have the same throughput or security guarantees as they do with ChainLink Keepers. Moreover, executing smart contracts becomes much more economical with decentralized automation than regular ways. More importantly, ChainLink Keepers can significantly reduce the chances of mistakes or mistimings while executing smart contracts.
OpenLuck will also be exploiting the price feed services from ChainLink. The initial integration includes tokens like BNB, BUSD, ETH, USDC, and USDT paired with USD. OpenLuck believes that listing a range of price options will help users to purchase tickets in a much easier way.
ChainLink price feeds will be key to this aspect as it is reliable and would make the integration more seamless than ever. Moreover, the chances of manipulation with ChainLink are little to none thanks to decentralization. The tamper-proof price feeds currently help the oracle solution secure hundreds of billions of dollars across DeFi.
The ChainLink VRF is another critical function incorporated by the NFT Marketplace. This randomizer adheres to the guidelines of Provably Fair making the selection process fair and verifiable. The VRF uses private keys and cryptographic proofs to avoid interventions with the results from both internal and external parties.
After the partnership announcement, Kevin, CMO of OpenLuck, said, “Chainlink trust-minimized services are essential for our NFT marketplace. By integrating Chainlink Keepers, Price Feeds, and VRF, we’re able to enhance the security of our crowdfunding feature, NFT prices, and lucky draw.”