In December 2023, @ParallelFi integrated #Chainlink CCIP & NFT Floor Price Feeds to help unlock gas-efficient NFT lending.

They chose Chainlink for its industry-standard security and reliability.

The result: A 50% reduction in gas costs and a 20% increase in pricing accuracy.

​​As Parallel continued to innovate in the NFT lending space, attracting $100M+ in TVL across NFTs and ERC-20s, the need for a gas-efficient oracle solution that didn’t compromise on security became increasingly important. This is where Chainlink came in.

Parallel leveraged CCIP’s arbitrary messaging functionality to build gas-efficient NFT lending by passing data from Chainlink NFT Floor Price Feeds from Ethereum to Avalanche. By using the Chainlink platform, Parallel could achieve a 50% reduction in gas fees and a 20% increase in pricing accuracy.

Using multiple Chainlink services in combination unlocks a wide range of new use cases that still provide users the peace of mind they need to confidently navigate next-gen applications in an industry full of hacks and exploits, with Parallel's NFT lending solution serving as a prime example.