Oracle Price Feeding
Last updated
Last updated
For NFT pricing, we prioritize using ChainLink for price feeds. However, as the number of NFTs supported by ChainLink is limited, for those NFTs that ChainLink cannot support, we use our proprietary Oracle for price feeds.
Explanation of the Oracle Mechanism.
Firstly, we will use accredited, trustworthy nodes for price feeding. The first batch of trusted nodes will be independently established by Singular, totaling three nodes. Each node will scrape prices from multiple NFT trading markets to obtain the floor price and will independently conduct price feeding.To ensure the accuracy of the prices, nodes will perform a series of processing on the prices before feeding them. The prices are fed only after this processing. The logic behind this processing is not disclosed for security reasons.
After obtaining the prices on-chain, a verification of the prices from all nodes will be conducted. The price will only become effective if a majority of the nodes have consistent prices.
