TotemFi Integrates Chainlink Price Feed to Secure BTC Price Data
We’re excited to announce that TotemFi — the innovative staking-based, non-punitive prediction markets platform — has integrated Chainlink Price Feeds on the BSC mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, TotemFi has access to high-quality, tamper-proof price feeds needed to assess which of our users have made the most accurate predictions in the future price of BTC. This will provide our users with strong assurances that, if they predict accurately, their ability to forecast the future will be properly acknowledged and rewarded!
Our initial integration involves the use of the BTC/USD Chainlink Price Feed initially before we add further assets to the platform. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for 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.
The launch of TotemFi’s Mainnet represents the culmination of the vision our founders laid out at the inception of the project; to provide the crypto community with a prediction market platform which doesn’t punish inaccuracy, and which incentivises users to harness the wisdom of the crowd principle to do the impossible — predict the future price of Bitcoin!
In order to secure our BTC price feed, 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, so we need 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, ensuring broad market coverage through 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 accurate 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.
Looking ahead to the future of the TotemFi platform, we’ll be expanding into broader markets — both in the crypto sphere, and in wider events such as political results and sports outcomes — and we’ll be leveraging Chainlink’s groundbreaking Oracle Network to facilitate this expansion and ensure the highest quality data sources.
Commenting on this integration, TotemFi CEO Jolyon Layard Horsfall stated “We couldn’t be happier working with a platform as innovative and pioneering as Chainlink; their commitment to the most stringent Data references and verification will enable our community to make predictions safe in the knowledge that, if they’ve been accurate, the platform will reflect this and they won’t miss out on their rewards because of a data mismatch. We look forward to working with Chainlink long into the future!”
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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
TotemFi is a Decentralized Finance (DeFi) prediction platform which offers Bitcoin and native token rewards. The Decentralized Application (dApp) will utilize blockchain technology to solve issues with traditional markets. The protocol will harmonize incentives for individuals and the collective, as both sets are rewarded for their ability to forecast the future price of a given cryptocurrency (initially bitcoin).
In addition, users are not penalized for inaccurate predictions. The aim is to broaden participation with our protocol as incumbent markets are typically complex with high financial risk for inaccuracy, which acts as a barrier to entry.