We’re excited to announce that Plena Finance, a mobile-first application that provides comprehensive Web 3.0 and DeFi solutions, has integrated Chainlink Price Feeds to help secure the Plena Finance mobile application. By integrating the industry-leading decentralized oracle network, Plena Finance has access to high-quality, tamper-proof price feeds needed to fetch accurate asset prices that help calculate reward distributions from our variable asset vaults. This will provide our users with stronger assurances that the market data underpinning reward calculations reflects global fair market rates.

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Our initial integration involves the use of the following Chainlink Price Feeds: ETH/USD and MATIC/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

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Plena Finance is a holistic and interoperable mobile application purpose-built for seamless user interactions. With a user-friendly interface and huge functionality, Plena gives the user the privilege of leveraging various Web 3.0 services, including DeFi offerings such as lending and borrowing, staking, on-ramping fiat, and social trading — all in one easy-to-use app.

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Our platform’s ability to give fast and convenient ways to trade, earn, and provide liquidity has made it stand out in the DeFi space. Having variable asset vaults, access to NFT marketplaces, DeFi staking, and a non-custodial wallet makes it an exciting solution for new Web3 joiners. With Plena Finance, DeFi users get an idea of how Web3 is revolutionizing how we know and understand finance.

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To help secure Plena Finance’s reward distribution calculation process in the variable asset vaults, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

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After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:

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• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to 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 more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.

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• 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.

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• 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 oracle network.

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• 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.

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“We are excited to integrate an open-source infrastructure solution in the blockchain industry such as Chainlink. Chainlink is the industry leading decentralized oracle technology, and by integrating their amazing market data solutio, Plena Finance’s vision of bringing a perfect Web3 mobile application to the world is one step closer to reality.”

— Sparsh Jhamb, Plena Finance CEO.

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About Chainlink

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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.

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Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

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About Plena Finance

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Plena is a mobile-first application that provides comprehensive Web 3.0 and DeFi (including NFT and Metaverse) services. This is a private, gasless and interoperable application that is compatible with both iOS and Android devices.

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The Plena team is a family of passionate and hardworking Web3 enthusiasts working towards a common goal of making Web3 products accessible, simple, and rewarding for the masses with a robust and comprehensive ecosystem.

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