Smart contract oracle network Chainlink partnered with two climate-related projects, added a new BUILD program member and more!
Climate, NFT Game, DeFi
As we embark upon the Year of the Rabbit, Chainlink is making its own luck in the crypto universe. This week, the dominant smart contract oracle network announced partnerships with two carbon credit-related projects, a Non-Fungible Token (NFT)-based strategy game, and a Decentralized Finance (DeFi) protocol on BNB Chain.
In this week’s roundup:
Chainlink for Etherisc, Coorest
Etherisc is integrating Chainlink on the Polygon network to give the decentralized insurance protocol access to Floodlight’s weather data, enabling the creation of natural disaster insurance smart contracts.
“We’re excited to help advance the tokenized carbon offset ecosystem by providing users with natural disaster insurance that helps mitigate the financial risks for reforestation projects,” Etherisc Co-Founder Christoph Mussenbrock said in a blog post. “Together, Floodlight and Chainlink play a key role by providing highly reliable climate data on Polygon. Without doubt, this insurance product wouldn’t be possible without them.”
The initial use case for the product is to provide insurance cover for the NFTrees initiative by Coorest, which allows entities such as farmers and forest preservation organizations to tokenize carbon offsets from their trees in the form of CC02 tokens.
“Etherisc’s carbon offsets insurance product has the potential to provide greater asset certainty and reduce the need to over-collateralize carbon projects,” said Charlie Moore, Head of Carbon and Sustainability Solutions at Chainlink Labs. “This will attract new and larger investor participation in the space, and propel growth in new climate finance programs.”
The Etherisc policies will pay out USDC to cover the cost of replanting trees destroyed by natural disasters and the replacement of CC02 tokens.
Carbon Pricing Oracle
OpenEarth Foundation, in collaboration with UC Berkeley, is releasing a Chainlink carbon pricing oracle to deliver accurate estimates of the social price of carbon to blockchains.
“We’re excited to see OpenEarth leverage the Chainlink Network to help provide greater transparency in the pricing of carbon in transition planning and financing activity,” Chainlink Labs Head of Carbon and Sustainability Solutions Head Charlie Moore said in an OpenEarth blog post. “By using this Carbon Pricing Oracle, powered by Chainlink, organizations are better able to account for all social aspects, energy projects, and other factors that impact their social cost of carbon.”
The oracle node is a key part of a carbon pricing web tool that OpenEarth is building with UC Berkeley. The tool will help companies set an internal price for their greenhouse gas emissions and implement solutions.
“By developing a Chainlink oracle node, we’re able to deliver integrated assessment models on-chain that dynamically update to reflect changes such as an organization’s carbon emissions and the remaining atmospheric carbon budget,” OpenEarth Founder and Executive Director Dr. Martin Wainstein said. “Ultimately, this helps unlock innovative finance and incentive schemes for climate solutions that enable organizations to mitigate the impact of climate change by fully internalizing the price of emitting carbon.”
Planet IX Joins Chainlink BUILD
Planet IX has joined the BUILD program to accelerate the adoption of its NFT-based strategy game.
“Not only will technical support and enhanced access to Chainlink Web3 services enable us to build a more advanced game, but being part of the Chainlink ecosystem will also help us grow our community and drive the space forward,” Planet IX Co-Founder Felix Bengtsson said in blog post.
The Planet IX Web3 game is set on a post-apocalyptic Earth, where land has been broken up into 1.6 billion parcels that can be owned as NFTs. The goal is for players to collect and restore these parcels. Players can combine the parcels, develop new technologies and influence the game itself through in-game corporations.
As part of BUILD, Planet IX will extend its use of Chainlink Services, such as VRF, and will newly integrate Automation. Planet IX will also gain enhanced access to new alpha and beta product releases, and to technical and community support
In return, Planet IX will commit a percentage of its total token supply to Chainlink service providers, including stakers.
EMP Money Integrates More Chainlink Services
BNB Chain DeFi project EMP Money is integrating more Chainlink services to support its growing decentralized infrastructure.
Having integrated Price Feeds in May 2022, EMP Money is now integrating VRF to help randomize daily raffles and Automation to help distribute NFT reward pools.
“We could not be happier to be part of the Chainlink ecosystem. By leveraging Chainlink Price Feeds, VRF, and Automation, we’ve been able to increase the reliability, transparency, and performance of our protocol,” EMP Money Founder and Team Lead AJ Brockman said in a Medium post.
According to the post, the integrations enabled EMP Money to price 6,896 NFTs accurately, save 80 engineering hours and reduce gas fees for users by more than $100,000.
Last four weekly Chainlink Roundups:
- Jan. 15: Mind Network, Polarys, Festa do Taipe
- Jan. 8: Cask, OnePlanet, Kwil, 2022 Highlights
- Dec. 31: Blueberry, Magpie, Galileo, Fuse Gold
- Dec. 25: Aave, Robodex, FSN, VenturePunk
What is 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.