- Following months of dominance over other networks, the BNB Chain has given way to Polygon on the daily transaction volume amid the latter’s integration into the Chainlink ecosystem.
- Mighty Llama integrates Chainlink price feeds on Polygon to help it charge fixed USD prices for digital assets.
The Polygon network has recorded another new milestone. Recent data shows that it has displaced the BNB Chain in the daily transaction volume for the past seven days, according to PolygonScan data shared on Twitter. The BNB chain is steadily losing its ground as the most widely-used Ethereum-based protocol, despite being the dominant platform for most part of the year.
POLYGON flips BNB Chain in daily transactions per week! 🔥#Polygon #Matic #BNB pic.twitter.com/NBgyXTlDzf
— CryptoBusy (@CryptoBusy) December 23, 2022
Furthermore, toward the end of last year, the BNB Chain processed over 6 million daily transactions, and the latest event signifies a shift in its dominance. The recent spike in Polygon’s trading volume has been attributed to its integration into the Chainlink Price Feeds and its new Web3 partnership.
A New Partnership
The new Web3 partnership involves the NFT and gaming platform Mighty Llama, which aims to improve the Polygon mainnet’s price outcomes via the Chainlink protocol.
.@mightyllama_nft—a #Web3 NFT and gaming project—has integrated #Chainlink Price Feeds on #Polygon to help it charge fixed USD prices for digital assets.
Discover how secure and reliable price data unlocks superior user experiences ⬇️https://t.co/MJic05sKvI
— Powered by Chainlink (@SmartContract) December 22, 2022
Polygon’s integration into the leading decentralized network will ensure that Mighty Llama NFT gets to access high-quality price data that will boost MATIC’s price. Meanwhile, price integration is critical; it will assure users that digital asset prices can be accurate and sync with the world’s reserve currency even when paying for utilities using MATIC tokens.
However, according to the partnership document, the initial integration will use the MATIC/USD pair on the Chainlink Price Feeds. The Polygon network revealed that the choice of Chainlink is due to the network’s infrastructures that allow seamless integration and time-tested operational efficiency.
In a recent statement, Mighty Llama revealed that its NFTs are accessible to mint and are the core of the company’s long-term vision for the Mighty Llama ecosystem. To power the Llama ecosystem, the firm is adopting Xbloklabs’ native utility token, XBLOK. Thus, users can buy NFTs and other in-game assets from the Mighty Llama ecosystem using XBLOK.
However, this is only possible when Xblok holders have access to USD-based digital assets like MATIC. The Web3 startup disclosed that its NFT ecosystem needs direct access to updated digital asset prices from a reliable mainnet to charge the appropriate USD equivalent of digital assets. Mighty Llama believes that having a fair market value reflects an overall volume average for all trading entities.
Gathering Aggregated Price Data Off-Chain
As a result, it is essential to have an oracle network to gather the aggregated price data off-chain. Then, release it on-chain to be evaluated by Llama’s application. Of all the various Oracle solutions considered Polygon and Mighty Llama, the Chainlink Price Feeds system becomes the preferred system due to its numerous features.
Using decentralized protocols is becoming increasingly important because it eliminates the flaws associated with centralized platforms and gives users of decentralized applications (dApps) more security and trust.
However, implementing decentralized solutions is too complex for many entities due to the demand for added resources and time. With Chainlink, using decentralized solutions is seamless as it offers more cost-efficient services, allowing developers and creators to focus on user experience and innovation without worrying about underlying systems.
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