TotemFi Integration With Chainlink Price Feed
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 its users have made the most accurate predictions in the future price of BTC.
Initial integration involves the use of the BTC/USD Chainlink Price Feed before TotemFi add further assets to the platform. 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.
“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!”— Jolyon Layard Horsfall, TotemFi CEO
In order to secure their BTC price feed, theyneeded 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 theyneed to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by their application.
ABOUT TotemFi
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).
ABOUT Chainlink
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.
RESOURCES
Medium
