PRDT.Finance Integrates Chainlink Price Feeds to Help Secure Decentralized Prediction Markets
We’re excited to announce that PRDT Finance — a fast, easy, and intuitive decentralized prediction market platform — has integrated Chainlink Price Feeds on Binance Smart Chain mainnet. By integrating the industry-leading decentralized oracle network, PRDT now has access to high-quality, tamper-proof price feeds needed to help ensure the highest level of decentralization and therefore security. This integration makes the platform more transparent and user-friendly, with user predictions settled via accurate and fresh on-chain Price Feeds.
Our initial integration includes support for the Chainlink BTC/USD Price Feed to settle prediction markets. 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.
PRDT Finance is a fully decentralized, soon-to-be cross-chain predictions platform that enables users to predict the future price of an asset, such as BTC, and receive rewards for being correct. Prediction markets on the PRDT platform can range from 5 minutes up to 24 hours, and currently feature no fees for generating predictions aside from the 1% of the prize pool reserved for referrals. Security is at the core of our platform, which is why it is being audited by industry leader Certik. In the future, the PRDT governance token will allow users to benefit from different perks in our ecosystem through a staking mechanism.
In order to help secure our prediction markets, 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 to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features, such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s 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.
- 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.
- 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.
- 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.
“Integrating Chainlink Price Feeds into the PRDT Finance platform was crucial in helping ensure prediction markets are settled using the highest quality market data available across the blockchain ecosystem,” stated the PRDT team. “This Chainlink integration marks an important milestone in the development of PRDT Finance and its prediction markets, and we plan to integrate additional Chainlink Price Feeds across different blockchains in the future.”
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.
About PRDT Finance
PRDT Finance is a fully decentralised prediction platform, allowing users to predict up or down the price of assets such as BTC. With the platform’s well established roadmap such as new prediction markets, cross-chain functionality and a governance token, PRDT will set new standards in the decentralised finance prediction segment. By integrating Chainlink oracles, PRDT seeks to establish a market leading, robust and transparent prediction platform.