TendieSwap Integrates Chainlink Price Feeds on BSC to Secure Prediction Markets
We are excited to announce TendieSwap has integrated Chainlink oracles on Binance Smart Chain (BSC) to secure the settlement of P2P prediction markets. The initial integration involves the use of Chainlink Price Feeds for BTC, DOGE, and BNB to power cryptocurrency prediction markets.
TendieSwap is also working on provisioning additional Chainlink-powered data feeds around other financial market events, stock price predictions, sports matches, election outcomes, weather conditions, and more.
Doing so will further cement TendieSwap as a leader in decentralised prediction markets for both DeFi and any custom prediction market with a binary or ternary outcome.
We selected Chainlink because of it’s the industry-leading decentralised oracle solution, already securing tens of billions of dollars across the DeFi.
Most notably, Chainlink Price Feeds have proven to be accurate and reliable during extreme conditions such as market volatility and network congestion, ensuring users are protected against exchange downtime, flash crashes, and data manipulation like flash loan attacks.
It’s also highly customizable, meaning we can get a wide range of premium data to support unique on-chain markets.
Securing TendieSwap Prediction Markets with Chainlink Price Feeds
TendieSwap is a community driven DeFi ecosystem powerhouse with one of its flagship products Tendiebets, being the first ever, pure decentralised P2P prediction protocol.
TendieSwap also offers its own DEX with fees going back to holders of $TENDIE and is working on a world-class cross-chain aggregator DEX that allows users to place limit and stop loss orders with portfolio analytics and benefit from the best price across major decentralised exchanges.
TendieSwap is also building out the first ever Decentralised Community Driven hedge fund that will be run on its DAO. TendieSwap is currently on and will be launching next on Polygon with subsequent releases on Ethereum and Solana.
Tendiebets prediction markets will let consumers speculate, on five minute and longer intervals, the prices across a series of popular cryptocurrencies. In order to settle any price movement based prediction market, our smart contracts require access to up-to-date prices for each asset.
However, due to the security model of blockchain networks, smart contracts cannot natively access real world data on their own but instead require an additional piece of infrastructure known as an “oracle” to relay this data on-chain. Because this data directly determines the outcome of prediction markets, this data must be of the highest quality and freshly available so that user funds are always protected.
After looking at different oracle solutions, we found Chainlink provided the most secure and diverse collection of Price Feed networks which we were able to quickly integrate into TendieSwap.
Some of the leading features of Chainlink Price Feeds include:
- 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 from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to data source inaccuracy by a 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 for reliability, even during high gas prices and extreme network congestion.
- Decentralised Network — Chainlink Price Feeds are decentralised 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.
- Economy of Scale — Chainlink Price Feeds benefit from an economy of scale effect, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets. This allows DeFi projects to get premium data quality and robust oracle security for a fraction of the total cost.
For this initial integration, TendieSwap is consuming data from the BNB/USD, DOGE/USD, and BTC/USD Price Feeds on the BSC network. This high quality data will ensure all user positions will settle according to the real market-wide price movements of each asset.
Additionally, due to the low transaction fees provided by the BSC network, oracle updates occur far more often, leading to consistently fresh financial market data.
“Integrating Chainlink’s time-tested Price Feeds into TendieSwap accelerated our development timeline as we were able to focus on our core product of prediction markets without having to worry about building oracle infrastructure or using unproven alternatives,” stated Wizard Of Soho, one of the co-founders of TendieSwap.
“We look forward to expanding our Chainlink integration in order to launch real world outcome based data feeds, significantly expanding the selection of events users can speculate upon.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
TendieSwap is a DeFi powerhouse bringing the best of traditional financial markets and centralized exchanges to the DeFi space. Furthermore TendieSwap offers fun and high yielding prediction markets on BNB, Doge and BTC and a revolutionary P2P decentralized prediction feature called TendieBets that enables users to speculate on various binary or ternary events in a fair and decentralized way. $TENDIE is the utility token of the TendieSwap ecosystem.