We're excited to announce that Meme Cake, a Social NFT marketplace, is integrating Chainlink Price Feeds on Solana. By integrating the industry-leading decentralized oracle network, Meme Cake will be able to access high-speed price data for both the SOL and SPL tokens, helping provide users with enhanced pricing accuracy in our NFT Marketplace.
We chose Chainlink because it is the most widely used and time-tested decentralized oracle network in Web3. The Chainlink Network maintains superior security and availability even in the face of unexpected events such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. Offering a wide range of off-chain data and computation services, Chainlink already helps secure tens of billions of dollars in smart contract value for leading DeFi protocols.
Meme Cake is a social NFT marketplace. Unlike other NFT marketplaces, Meme Cake is governed by the community that makes decisions on the NFT launchpad—and based on these decisions, the marketplace approves the projects. The marketplace governance is decided by the staking amount of MCAKE—Meme Cake’s native token. Our NFT Marketplace is currently accessible on Devnet.
To help display accurate asset prices on Meme Cake, we needed access to a secure and fast price data feed solution. Volume-weighted price data aggregated from many high-quality sources gives users high assurances that they are operating off of fair-market prices when making important decisions on transactions.
After extensively researching the available options, we ultimately chose to use Chainlink Price Feeds because of their superior security, reliability, and decentralization.
Some of the unique benefits of Chainlink Price Feeds that stood out to us include:
“NFT marketplaces can be confusing, and users are often subject to uncertain pricing due to market volatility. We wanted to make Meme Cake’s NFT marketplace extremely user-friendly. Integrating Chainlink Price Feeds will help display accurate conversion pricing so they can make informed decisions.”— James Nine, VP - Marketplace
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.
Meme Cake is a Social NFT marketplace built on Solana Blockchain and completely integrated with Metaplex solutions. The marketplace mining incentives and the DAO-approved projects make it easy for traders to enter the trades confidentially and acquire NFTs early.
By adding NFT-fi features to the Meme Cake, such as Swapping, NFT staking, NFT lending and borrowing, NFT OTC trading, Meme Cake is expected to thrive.
In addition to that, Meme Cake has plans to integrate other chains such as Dfinity into the Marketplace, which will enhance the platform's liquidity and allow users to trade on multiple chains at the same time.