ParaX pioneers a groundbreaking shift in NFT lending, enhancing accuracy and efficiency with Chainlink’s CCIP. The open-source NFT oracles on Arbitrum cut gas consumption by over 50%, setting a new standard for the industry.
Chainlink’s partnership with ParaX has proven successful in minimizing liquidations in the NFT lending space. The unique algorithm powering Chainlink’s oracles has been a key factor in ensuring effective risk management.
ParaX’s Leap with Chainlink’s CCIP:
While Chainlink’s oracle algorithm excelled in risk management, it faced challenges in providing precise price data. ParaX’s response involves harnessing Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to create open-source NFT oracles.
The innovation, now implemented on Arbitrum, significantly improves accuracy and efficiency. Gas consumption is reduced by over 50%, addressing the cost concerns associated with ParaX’s earlier attempts at developing in-house oracles.
