Ethereum: How to Use Chainlink to Price Your Own Token and Display It in Wallets Like TronLink

As an Ethereum developer, you’ve probably come across scenarios where you need to display the price of your own token directly in wallets like TronLink. In this article, we’ll explore how to use Chainlink to achieve this goal.

Why Use Chainlink?

Chainlink is a popular platform that enables decentralized price feeds and liquidity pools. With Chainlink, you can create your own token price feed and connect it to your Ethereum smart contract, allowing users to display the price directly in wallets like TronLink.

Step 1: Create Your Own Token Price Feed

To create your own token price feed using Chainlink, follow these steps:

• Create an Ethereum Wallet

  

  : Set up a new Ethereum wallet on Tron or another compatible blockchain.

• Install Chainlink’s Ethereum API Library: Install the Chainlink Ethereum API library for your preferred programming language (e.g. JavaScript, Solidity).

• Set up your own token price feed: Create a new custom token price feed using the Chainlink API library. This will require defining the following parameters:

• token_address: the address of your own token.

• price_feed_id: a unique identifier for the price feed (e.g. Ethereum address).

• limit: The maximum amount of data to include in the price feed.

Here is a sample JavaScript code example:

const Chainlink = require('chainlink');
// Set up the Chainlink API library
const chainlink = new Chainlink.Ethereum();
// Define your own token price feed
const priceFeed = {
address: '0x...',
limit: 100,
data: {}
};
// Set up a callback function to handle price updates
chainlink.setPriceFeedCallback(
(data) => {
// Update the price in your smart contract
console.log('Custom token price updated:', data);
},
{ address: '0x...', limit: 100 }
);
// Create a new Ethereum wallet and connect it to the price feed
const wallet = new Web3.EthereumWallet({
providerUrl: '
});
// Get the current block number
wallet.getBlockNumber((error, blockNumber) => {
if (error) {
console.error(error);
return;
}
// Set up a callback function to handle price updates from Chainlink
chainlink.on(
'priceUpdated',
(data) => {
const currentPrice = data.currentTokenPrice;
wallet.displayCustomTokenPrice(currentPrice);
},
{ address: '0x...', limit: 100 }
);
});

Step 2: Display the price of your custom token in wallets like TronLink

After you set up your custom token price feed, you can connect it to your Ethereum smart contract and display the price directly in wallets like TronLink.

• Create a smart contract: Write a new Ethereum smart contract using Solidity.

• Add a function to display the price of your custom token: Create a new function that takes the current block number as input and displays the price of your custom token.

• Call the smart contract function from your wallet: Use the web3 library to call the smart contract function from your wallet.

Here is an example Solidity code snippet:

pragma solidity ^ 0,6,0;
contract CustomToken {
uint256 public customPrice;
constructor() {
customPrice = 100; // Replace with the actual value
}
function displayCustomPrice(uint256 _blockNumber) public {
require(_blockNumber <= blockgates.length, 'Block number out of range');
customPrice = _blockNumber;
emit CustomTokenPriceUpdated(customPrice);
}
}

Conclusion

In this article, we explored how to use Chainlink to create a custom token price feed and display it in wallets like TronLink.

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