PredictX Integrates Chainlink Data Feeds to Help Secure Prediction Markets

We are extremely excited to announce that PredictX is integrating Chainlink’s industry-standard oracle network into its DeFi prediction markets platform! PredictX is using Chainlink Data Feeds on Binance Smart Chain (BSC) to provide its prediction market liquidity pools with high-quality data around various crypto assets such as BTC and ETH. While the initial integration of Chainlink Data Feeds helps secure PredictX’s liquidity pools, we will shortly expand the integration to settle prediction markets based on real-world data from Chainlink, potentially around sports, elections, or pop culture events.

Though we have had many opportunities to explore integrating other oracle networks, PredictX selected Chainlink because it uses multiple data aggregators to provide real-time price updates with extremely high degrees of uptime, reliability, and accuracy. By decentralizing the data source, oracle node, and oracle network layers, Chainlink is highly resistant to single points of failure and also helps eliminate data manipulation attacks such as those conducted using flash loans. The Chainlink Network furthers PredictX’s mission to provide the best decentralized prediction markets to our users, minimizing their risk by using tamper-proof data feeds that reflect real-world events.

How It Works

With PredictX, traders work together to reach a collective conclusion regarding the probability that an event will occur. They can “vote” by buying shares in either YES (the event will occur) or NO (the event will not occur). The percentage of voters supporting either outcome helps determine the price of shares. For example, if the consensus creates a 50/50 split between YES and NO outcomes, then both shares have equal value. Naturally, real-world events and market data can shift pricing up until the point that a prediction market is settled.

To summarize, PredictX offers the following benefits to its user base:

• Live AMM-based prediction markets
• Decentralized markets that leverage Chainlink Data Feeds
• Faster, cheaper transactions via BSC throughput
• Incentives for both liquidity providers and users
• A seamless UI/UX for optimum user engagement

With AMMs and user-focused incentives, PredictX offers a high-quality experience for users. Our incentives also make it far easier for liquidity providers (LPs) to enter pools and provide resources, giving traders and the ecosystem as a whole greater access to funds.

While PredictX is not the first DeFi prediction market, it uses examples set by its predecessors and feedback from users to create an enhanced protocol. In addition to providing ample liquidity and top-of-the-line UI and UX, PredictX’s flexible architecture can also be easily integrated into other DeFi platforms and blockchains.

Why Chainlink?

As previously mentioned, Chainlink has already proven itself to be the best at what it does. And at PredictX, we are constantly looking for new ways to improve our product. That’s why we took advantage of the opportunity to integrate a high-quality infrastructure solution like Chainlink. Since our primary goals have always been increasing liquidity and improving user experience, it only made sense to integrate Chainlink Data Feeds. This way, users can access real-time, reliable price updates that help secure our prediction markets in all network conditions.

Ultimately, traders and LPs want to know that a protocol has taken every security measure possible to help ensure user funds are safe. We chose Chainlink because on-chain products require advanced security measures and lightning-fast protocols for displaying data. Chainlink is the most widely used oracle solution in the blockchain industry, helping to secure tens of billions of dollars for hundreds of projects across various blockchains. Our Chainlink integration also serves PredictX’s goal of providing timely price data for BTC and ETH, offering users even greater price tracking capabilities.

Additionally, here are some of the unique benefits that Chainlink Data Feeds provide:

• High-Quality Data — Chainlink oracles can manage API keys and account logins, allowing them to aggregate and deliver premium data from highly available and financially incentivized APIs.
• Reliable Nodes — Chainlink Data Feeds are secured by a large collection of independent, security-reviewed, and Sybil-resistant oracle nodes run by leading enterprises, data providers, and DevOps teams who have a strong on-chain history of performance even during extreme network congestion.
• Decentralized Infrastructure — Chainlink Data Feeds are decentralized at the data source, oracle node, and network levels, eliminating any central point of failure in the sourcing and delivery of external data to PredictX.
• Transparent Performance — Chainlink Data Feeds can be monitored by anyone in real-time, using existing data analytic tools such as market.link and reputation.link, allowing users to verify the data triggering their contract.

“Chainlink Data Feeds create a more secure PredictX platform by helping ensure our prediction market liquidity pools reliably reflect precise, accurate asset prices so that users can enter and exit at fair-market rates,” stated PredictX Founder [insert name]. “Our use of high-quality data from Chainlink Data Feeds provides assurance to our users that prediction markets are correctly settled according to real-world data.”

About PredictX

PredictX is a DeFi protocol that brings prediction markets to DeFi. Centered on automated liquidity and precisely designed incentives, PredictX ensures the best liquidity across all markets while allowing users to win off their predictions on a user-friendly platform.

If you’d like to reach us directly or you have any additional questions about the PredictX product, you can also get in touch with one of our team members at any of the following links:

• Twitter: https://twitter.com/1PredictX
• Telegram Chat: https://t.me/PredictX_Official
• Telegram ANN: https://t.me/PredictX_OfficialANN
• Medium: https://predictx-official.medium.com/
• Weibo: https://weibo.com/u/7577073187
• Bihu: https://bihu.com/people/1803175945

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.