Jigstack Integrates Chainlink Price Feeds to Secure Exchange Rates for Decentralized Crowdfunding
By: Team Jigstack
Tags: Smart Contracts, Defi, Jigstack, Partnerships, Blockchain

Jigstack Integrates Chainlink Price Feeds to Secure Exchange Rates for Decentralized Crowdfunding Team Jigstack Follow Jul 23 · 5 min read

Jigstack has set out to build one of the best-decentralized crowdfunding applications in the DeFi industry, referred to as Lemonade. Optimizing our Lemonade platform requires accurate exchange rates during crowdfunds so teams can set stable funding goals while users can pay on-chain in cryptocurrencies.

We’re excited to announce that Jigstack has taken a major leap towards achieving this goal by integrating Chainlink Price Feeds on Ethereum mainnet. Lemonade’s crowdsales now have a built-in connection to Chainlink’s industry-leading price oracle solution, starting with access to real-time exchange rates for ETH/USD.

Chainlink was our top choice because it’s the most widely used and time-tested oracle solution in the smart contract industry, already securing tens of billions of dollars in value across DeFi. Chainlink utilizes high quality data and multiple layers of decentralization to ensure precision, availability and tamper-resistance of its price feeds, ultimately protecting our users against unexpected events like exchange downtime, flash crashes, and data manipulation attacks via flash loans.

Understanding Jigstack and Lemonade

Jigstack is a decentralized autonomous organization (DAO) that streamlines the Ethereum DeFi scene by providing various Ethereum-oriented solutions for new projects. Users must hold STAK, our native token, in order to participate in the Jigstack DAO and partake in community governance. By focusing on decentralization and user empowerment, the Jigstack DAO puts the control in the hands of teams and individuals rather than creating an artificial barrier to entry for the cryptocurrency industry.

Jigstack’s mission is to standardize the fractured DeFi ecosystem and create tools for token launches, crowdsourcing, NFT, Crypto Gifting, and more by provisioning an umbrella of revenue-generating services such as our DeFi launchpad Lemonade, staking platform Stakbank, NFT marketplace Gallery, and decentralized marketing and affiliate solution Ethlink.

Lemonade is the first DeFi product launched and governed by the Jigstack DAO, introducing a seamless platform for projects to launch crowdsourced tokens without technical knowledge. There is a myriad of customization options for projects to choose from when deciding how to launch their tokens, and each token is compatible with any Ethereum wallet currently on the market.

Why Chainlink

A critical requirement of Lemonade is the ability to accurately price new tokens in reference to established crypto and fiat currencies. By integrating the Chainlink ETH/USD Price Feed and potentially more in the future, new tokens can be accurately priced at a fixed USD amount yet purchased at a proportional value of ETH. This allows teams to raise a fixed amount of fiat yet offer on-chain crowdfunding in crypto.

We decided to move forward with Chainlink as our go-to oracle solution because it’s optimized to provide our members with several valuable features not present in other solutions, including:

High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation from any single or small set of exchanges.

— Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation from any single or small set of exchanges. Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.

— Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages. Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.

— Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network. Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

As our Lead Ethereum developer Kaue Cano explains: “Many DeFi projects have experienced problems with poorly designed oracles in the past, which they ultimately rectified by outsourcing their oracles to Chainlink. Since data accuracy and transparency is vital for fair crowdsales, going with Chainlink gives our members strong guarantees around having reliable pricing at all times.”

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.

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About Jigstack

Jigstack’s vision to bring back wholeness, simplicity, and understanding to the users. The Jigstack protocol aims to do this by developing a suite of productive flagship DeFi products that are all governed under a single Decentralized Autonomous Organization (DAO).

Jigstack is positioned as the DAO of DeFi. The platform is the “One Stop Shop” for everything DeFi, and on top of that, it offers an interactive and interesting interface for users thereby allowing them to easily understand each product and how to interact with it, thus gaining exposure to the DeFi ecosystem in a safe and effective manner.

Read more about Jigstack here

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