Chainlink oracles are now live on AdEx Network (ADX/USD) price feeds
For the uninitiated, AdEx Network is a new-generation solution aiming to address and correct some of the most prominent inefficiencies of the online advertising industry.
Decentralized digital advertising platform @AdEx_Network is using & supporting a new #Chainlink ADX/USD Price Feed live on mainnet to power its elastic issuance staking model. The oracle sets APY rates dynamically in their loyalty pool based on market data.
— Chainlink – Official Channel (@chainlink) October 7, 2020
AdEx integrates Chainlink
AdEx started in 2017 as a decentralized ad exchange and subsequently evolved into a full protocol for the trading of advertising space/time and the subsequent verification and proof of ad delivery. It covers all interactions between publishers, advertisers, and end-users.
In August 2020, AdEx Network announced plans for integrating Chainlink data oracles in the AdEx staking ecosystem. The advertising platform is now going live with the first integration – using the ADX-USD price feed provided by the Chainlink oracle network for the AdEx Network loyalty pool and governance system.
AdEx Network works through micropayments on Ethereum by utilizing the OUTPACE layer 2 payment channels and offers DeFi staking of its native ADX token.
Currently, holders of AdEx Network’s native token ADX can stake it towards the Validator Tom staking pool and earn annual variable rewards upwards of 50%.
How it works
The newly launched loyalty pool will offer a predictable annual percentage yield (APY) of 10% – 50%. This is achieved through elastic issuance, a DeFi concept AdEx is pioneering to ensure that pool participants are incentivized to stay in while the price is high, but also to decrease issuance if the price is low.
The APY will depend on the price of the ADX token. To get the price data, AdEx will be using the Chainlink ADX-USD Price Feed. The pool’s participation is limited to 25 million ADX.
Meanwhile, Ivo Georgiev, the CEO of AdEx Network, said on the integration:
“We selected Chainlink because its price feeds are aggregated from numerous, high-quality data sources, secured by a decentralized network of highly reliable, Sybil-resistant nodes, and operated in a transparent manner that all of our users can independently verify as fair and accurate.”
The new loyalty staking pool will require no lockup period to give stakers extra flexibility, and will also allow them to participate in governance processes related to the AdEx Network ecosystem.