xFUND Oracle Integrated for a Successful SHIBOSHIS NFT Launch
On October 15th, 2021, Unification’s Oracle of Oracles (OoO) was used as the primary price oracle for the Shib Army’s recent SHIBOSHIS NFT launch — which supported 10,000 mints equating 13% of all gas fees for transactions on Ethereum network in that time.
Thanks to the collaborative efforts and efficient use of OoO, the platform allowed nearly 3K users to successfully mint 10K NFTs. Selling out in under 40 minutes without manipulation, discrepancy, or hacks to the price or project, this launch is a true testament to the reliability and performance of Unification’s toolkits under the pressure of high-volume usage.
Unification has opted to support the growth of the blockchain space in different ways as the ecosystem has evolved.
It’s amazing to be able to say that even from the beginning of our work with consumer products and data sovereignty, we could have never anticipated the direction, growth and trajectory that the blockchain industry has taken.
However, as the progress has awed and impressed us in different ways, the ethos of blockchain that we always carry; Openness, Fairness, Ease of Use and Security, have always stayed at the core of our work.
In continuing the process of supporting growth in the ways that blockchain grows, we are proud to have distinct utilities in our toolkits, including Oracle of Oracles (OoO) and Verified Open Randomness (VOR) that are a great fit for supporting both the minting/generation, fair distribution and actual utility in gaming, etc of NFTs.
Method
SHIBOSHIS were sold in a tiered system priced at 0.1, 0.2 & 0.3 ETH each (depending on how many had thus far been sold) — but during the first 24 hours, LEASH was required to pay for the NFTs.
The SHIBOSHIS Smart Contract required an accurate and timely conversion of LEASH to ETH in order for users to pay the equivalent amount of LEASH at the correct mean market rate.
OoO was successfully queried and used during the SHIBOSHIS minting event for the price conversion, along the SHIBOSHIS Smart Contract to verify the amount of LEASH paid by a user was the correct equivalent amount in ETH.
The SHIBOSHIS contract sent a data request to the OoO Router via their own getData() function implementation which passed a hex encoding of the string “LEASH.ETH.PR.AVC” to the OoO Router smart contract. After verifying the request and checking that the xFUND fee had been paid, the router emitted a DataRequested event which was immediately picked up by our Provider Oracle.
The request string LEASH.ETH.PR.AVC was for the average price of LEASH in ETH, over the last hour from all available exchanges, using the Chauvenet Criterion to remove statistical outliers prior to calculating the mean price from those exchanges. The Provider Oracle decoded the request string, and called https://api.finchains.io/v1/currency/LEASH/ETH/avg/chauvenet/1H to get the data.
Once the Provider Oracle received the data from the Finchains’ API, it then sent the data back to the OoO Router smart contract via the Router’s filfilRequest() function. All price data sent via the Oracle is a raw_price * (10 ^ 18) conversion to allow for a standardized data format. The Router verified the fulfillment was genuine and from the requested provider (only registered providers may call this function on the Router) before forwarding the data to the SHIBOSHIS contract itself. The internal receiver function in the OoO SDK implemented by the SHIBOSHIS contract ensures that only the OoO Router can call it, and that only the provider that the contract requested data from can route the data.
Results
Once this final result was relayed back to the SHIBOSHIS Smart Contract via the OoO Router, the SHIBOSHIS contract was able to store and access the LEASH price natively and on-chain.
Having access to this price within the contract as a variable allowed the system to verify and calculate how much a user should be paying in LEASH per SHIBOSHIS on-chain, within the contract and with every mint transaction sent to the contract.
Possibilities of Altercations Had it Happened
Since the requested LEASH price data was stored within the Smart Contract itself, it would have been impossible for a user to attempt to manipulate the amount of LEASH they paid for minting a token in order to mint cheaper. Having the data accessible as a Smart Contract variable allowed the minting functionality in the contract to verify that the amount of LEASH sent with every individual transaction was correct.
Further, had price manipulation of LEASH itself been attempted on any of the exchanges, the Chauvenet Criterion used by Unification’s OoO API query would have removed these statistically low data points.
Conclusion
The utility of the xFUND’s toolkits are immersive and only limited to the skills and creativity of projects that choose to utilize the tools to their advantage.
We are very proud to be able to provide security and utility to the NFT world and only see this as the beginning of utility within this space.
With xFUND, OoO, & VOR, anybody has the democratic opportunity to utilize tools in the ways it best serves their community, and as proud as we are with the work and utility with this team, it’s merely the beginning of the space and our work within it.
As promised in our last communication together, this is one of many (three to launch in a short time frame) NFT projects utilizing xFUND’s toolkits.
Expect more from the growth and utility for xFUND, our partners and the blockchain industry as a whole. It’s a very exciting time!
