Prosper Integrating Chainlink Oracle Price Feeds on Binance Smart Chain and Ethereum
We’re excited to announce that Prosper has completed a successful mainnet integration with Chainlink’s market-leading decentralized oracle network! Prosper will use Chainlink Oracle Price Feeds on both Binance Smart Chain and Ethereum to bring about the most decentralized and liquid prediction markets in the DeFi landscape. Prosper is now live on Binance Smart Chain mainnet, leveraging BNB-denominated price feeds for its initial prediction pools. Later this month, we will use additional Chainlink Price Feeds to expand the number of prediction pools we offer to include ETH, BTC, TRX, LINK, and AVA.
We selected Chainlink’s price oracles because they secured by a decentralized network of independent security reviewed node operators that collectively source data from numerous different off-chain data aggregators, ensuring settlement on all prediction markets is highly reliable, resistant to manipulation, and reflective of high-quality price data that’s aggregated from all trading environments. These decentralized, transparent, and accurate price feeds from Chainlink will ensure that users and supporters of Prosper are fully confident and safe when creating and participating in Prosper prediction markets.
How it works
Prosper is a decentralized short-term prediction market and hedging platform built on Binance Smart Chain. It is purpose-built to reshape the DeFi landscape by aggregating liquidity from various blockchains to form unified prediction pools for different assets.
At Prosper, you can bet on two sides: bulls and bears. The bull side claims that at the end of the prediction timeframe, the price will be above a certain predefined price (initial price), while the bear side claims the price will be below.
You can bet multiple times on any side. The bet acceptance period is different for each prediction market: the first 30 minutes for one-hour predictions, 120 minutes for four-hour predictions, and 240 minutes for twenty four-hour predictions. The initial price of each prediction market is determined automatically based on moving averages and other technical analysis metrics.
Users staking on the winning side of a prediction market will proportionally share in the assets staked on the losing side. For example: User A bets 1 ETH on the bull side of a 1-hour prediction market that’s based on the ETH/USD price being above $400. At the end of the bet acceptance period, the ratio between bulls and bears is 1:3, or simply 10 ETH on the bull side and 30 ETH on the bear side. Let’s assume that at the moment of settlement, the ETH price was $405. This means that bulls won the prediction. In that case, user A will receive 1/10 or 10% (3 ETH) of the total prize pool (which was 30 ETH), in addition to keeping their original bet of 1 ETH.
The Prosper smart contract automatically generates a 1, 4, and 24-hour prediction markets, as well as enabling users to create custom ones. It also sets the initial price, determines the winners, and distributes the rewards.
In order to achieve our goals of fairly settled outcomes with low financial risks, we need a decentralized price feed oracle that mitigates possible market manipulation and provides timely price updates.
Why Chainlink?
Creating on-chain financial products is a very complicated task, so we need to make sure that we are providing the maximum level of the security to protect user funds. The only one way to achieve this is choosing the right supplier of price feeds, which help us avoid downtime, inaccurate prices, and data manipulation attack vectors like flash loans.
Chainlink has established itself as the most widely used and proven oracle solution in the blockchain industry, currently securing over $5B in on-chain value for leading DeFi applications via its Price Feed oracles. In addition to providing a large pool of plug-n-play Price Feeds already live in production, they have all the resources needed to help Prosper scale in its support for additional assets to support our cross-chain liquidity aggregation. Chainlink also features a Verifiable Randomness Function (VRF) for generating a secure and provably fair source of randomness, which can be used for upcoming Prosper features.
Some of the unique benefits that Chainlink provides:
- High-quality data that accounts for volume across all trading environments as opposed to a single exchange
- Decentralization of both the oracle and data source for highly available and manipulation resistant data delivery and data sourcing
- Secure node operators run by leading blockchain DevOps and security teams to prevent Sybil attacks and low-quality oracle services;
- Transparent visualizations of the oracle networks so users can independently verify their performance;
- Shared financial costs of commonly used price feeds to enable community funding;
“Working together with Chainlink allows us not only to ensure the highest level of oracle security and price data quality needed to avoid prediction market manipulations, but it also opens up new possibilities around creating stunning new product features, such as decentralized lotteries and multi-blockchain support. Combined with our liquidity aggregation features, we’re confident that Chainlink will enable Prosper to be a true a game-changer in the prediction market landscape” — Iva Wisher, Co-founder of Prosper.so
About Prosper
Prosper is a decentralized short-term prediction market and hedging platform built on Binance Smart Chain. It is purpose-built to reshape the DeFi landscape by aggregating liquidity from various blockchains to form unified prediction pools for different assets.
Core features of the Prosper platform include bet insurance, blockchain liquidity aggregation, binary liquidity pools, custom pools, and fiat support.
To learn more about Prosper, please follow the links below:
Predict now
Chat
Twitter
Onepager
About Chainlink
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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