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chainlink-avalaunch

Do you believe in magic?

We do. And when you take Float Capital’s markets, integrate Chainlink Price Feeds, and deploy them on the Avalanche Network, you get real magic.

We’ve been live on Avalanche for a few months now. In that time we’ve stacked up hundreds of users, shipped four DeFi markets, and enabled millions of dollars in trading volume.

All this is made possible by Chainlink Price Feeds, which allow us to create Magic Internet Assets to give users leveraged exposure to the hottest assets on Avalanche.

This isn’t a corpo shill blog post. Here’s why we’re using Chainlink to help us launch Magic Internet Assets on Avalanche:

How the integration works#

In gigabrain terms, Float’s Magic Internet Assets are tokenized perpetual swap pools with floating exposure to price movements.

In smoothbrain terms: come to Float, pick an asset, and get long or short exposure, WITH LEVERAGE, in one transaction.

Our UI abstracts the complexity away from users and makes sophisticated DeFi strategies accessible.

The protocol only has a few external dependencies. We use protocols like Aave, Benqi, and Banker Joe for yield enhancement, while we also use The Graph to power our UI—but none of these are essential for Float’s core mechanics to function.

Our only critical dependency is access to high-quality price data needed to help secure our perpetual swap pools.

We need up-to-date, reliable price data so that our markets can function and our users can execute their strategies.

Critically, Float was built to scale quickly. We can deploy on any EVM-compatible chain in less than a day, and we can deploy a new market in less than an hour.

Because of this, we often need accurate, tamper-proof market data that can be deployed as fast as our markets.

We supported new high-speed Chainlink Price Feeds in preparation for our launch on Avalanche.

Chainlink currently helps secure our four markets on Avalanche backed by DAI, AVAX, JOE, QI, and SPELL.

These markets have seen a huge uptake from communities in the Avalanche ecosystem, backed by successful partnerships with the biggest native protocols, like Trader Joe and Benqi.

There might even be a few more feeds ready for us to ship markets for other Avalanche native projects.

Behind the magic#

Each Chainlink Price Feed sources data from numerous premium data aggregators to provide volume-adjusted global market prices with robust market coverage.

As Chainlink is blockchain agnostic, we’ve integrated their Price Feeds across both our Avalanche and Polygon decentralized applications.

These hyper-reliable Price Feeds have provided consistent updates through periods of high gas prices, network congestion, and centralized infrastructure outages. This is possible thanks to the secure decentralized network of independent oracle nodes that remove a single point of failure.

If the price of one of our Magic Internet Assets changes by more than the deviation threshold, prices are updated across our smart contracts, helping ensure our markets always reflect the most accurate price possible.

When users make a transaction in one of our markets—minting a position, shifting, redeeming, or staking—we batch it with all the other actions received since the previous update.

To prevent frontrunning, we execute all of these actions at the time we receive the next price update from the feed. At the same time, we update all of our user's balances, which can change based on market movements, yield earned, and funding rates.

Too complicated? Look, a cute pixel art diagram. 👀

chainlink infographic

“Chainlink is the industry standard for on-chain pricing data. When our users see that we’ve integrated Chainlink Price Feeds, they’ll have peace of mind of knowing there’s one less layer of risk to worry about. In addition, the Chainlink Labs team is incredible to work with. They’re able to help us to support new Chainlink Price Feeds, allowing us to rapidly deploy Magic Internet Assets to meet gaps in the market.” Campbell Easton, Float Capital’s Chief Marketing Officer.

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 read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Float Capital#

We make Magic Internet Assets that allow you to get perpetual, leveraged exposure to the hottest crypto assets without worrying about liquidations or managing debt positions.

Our alpha state is live on Avalanche and Polygon, with ten markets ready for you to ape into.

To learn how the protocol and our Magic Internet Assets work, read our docs.

Get live updates, new features, opportunities and shitposts on our Twitter.

Or, meet the team, claim your gem role, and hang out in our Discord.