This integration of Chainlink Price Feeds will support BiG Deal users in making bids using fiat currencies and crypto assets, improving their experience.
By integrating the industry-leading decentralized oracle network, BiG Deal will access high-quality, tamper-proof price feeds that enable participants on the BiG Deal platform to buy bids (PLAYs) using both fiat and crypto-assets.
Specifically, BiG Deal plans to integrate price data for USD, EUR, INR, other major fiat currencies, and the native tokens for Solana, Ethereum, Bitcoin, and other popular chains. Ultimately this will help give our users stronger assurances that they’re getting fair and accurate market rates when they make a purchase.
BiG Deal chose Chainlink as its 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.
Big Deal is a decentralized auction platform featuring more than 7 different types of auction mechanisms.
To help secure their price feeds, they need access to fresh asset prices supplied directly on-chain highly reliable. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, they needed to use an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
Big Deal selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data
- Secure Node Operators
- Decentralized Network
- Reputation System
Pratik Jain, Founder of BiG Deal said:
“Honestly, our team studied all available oracles before zeroing down on Chainlink. As the clear market leader with cutting-edge and time-tested infrastructure, selecting Chainlink was easy.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain.
About BiG Deal
BiG Deal is the world’s first decentralized auction house with smartly crafted 7+auction mechanisms, offering amazing deals to its community.