Nov 3, 2021
Entropyfi Integrates Chainlink Price Feeds to Help Secure Its Prediction Games
We are excited to announce that Entropyfi — the prediction game protocol covering crypto assets, NFTs, DeFi indexes, and other on/off-chain assets — has integrated Chainlink Price Feeds on Polygon Mainnet. By integrating the industry-leading decentralized oracle network, Entropyfi has access to tamper-proof price feeds needed to securely and accurately open and settle prediction games at globally accurate fair-market prices. Chainlink’s high-quality market data helps ensure that prediction games cannot be manipulated by black swan events and that they are fair for all users.
Our initial integration involves the use of the following Chainlink Price Feeds: BTC/USD and DOGE/USD. 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.
In order to help secure Entropyfi’s prediction games, the protocol needs 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 solution 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.
We are also exploring integrating other Chainlink services such as Chainlink Keepers into our platform to securely automate the settlement of prediction games.
“In addition to providing the most decentralized off-chain services, the Chainlink Network also has a strong open-source community around it, which is something we really appreciate. We’re excited to integrate these Chainlink solutions to enhance the accuracy and reliability of our prediction markets.” –DC, Product Lead at Entropyfi
“Chainlink’s oracle infrastructure is proven to be robust and effective. The documentation for Chainlink solutions is comprehensive and easy-to-understand, which made our integration process seamless.” –Daniel T., Tech Lead at Entropyfi
About Chainlink
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.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Entropyfi
If you are someone that is curious about speculation and value risk management, you’ve come to the right place 😎
Entropyfi is a lossless decentralized gamified prediction market on crypto-assets, NFTs, DeFi indexes, and other on/off-chain assets. In other words, you can engage in market speculation without putting principal at risk.. Our platform features:
- Zero loss prediction games
- Permanent long or short position setting
- Roll over winnings week by week to amplify income passively
- Fair game design
Entropyfi is launching on Polygon Mainnet on November 3rd. To learn more about Entropyfi, visit our website and our Medium. Visit Entropyfi’s Gitbook for developer guide and user guide in our Gitbook Docs. For regular updates follow our Twitter and join our Telegram and Discord community.
