ParaX Launches Gas-Efficient NFT Oracles with Chainlink's CCIP for Enhanced Accuracy

ParaX, a NFT lending platform, has announced the launch of new open-source NFT oracles that are more accurate and gas-efficient, thanks to Chainlink's Cross-Chain Interoperability Protocol (CCIP). While Chainlink's oracle algorithm has been effective at mitigating risk, it falls short on price accuracy, which is also important for NFT lending. By using CCIP, ParaX can create interoperable NFT oracles which feed price data between a layer two, such as Arbitrum and Ethereum, resulting in greater price accuracy and reduced gas consumption by over 50%. This innovation enables ParaX to provide accurate, efficient and gas-optimized NFT oracles for not only their users but also for other NFTfi protocols due to their open-sourced architecture.