PancakeSwap Has Integrated Chainlink Keepers
Launching CAKE Prediction Market, Fully Automated by Chainlink Keepers
Firstly, As they’re always committed to bringing more utility to CAKE, the Chefs are excited to release CAKE Prediction! Similar to the most popular BNB Prediction product, users can now predict if the price of CAKE will be going up or down. Providing their users with a secure and transparent platform is paramount. They previously integrated Chainlink Price Feeds to help secure their prediction market and Chainlink VRF to power our lucky draws. Today, they’re excited to announce that PancakeSwap has integrated Chainlink Keepers on the BNB Chain mainnet to help them securely automate the CAKE/USD prediction market.
What is CAKE Prediction?
Similar to the BNB/USD prediction market, you simply enter either “UP” if you think the CAKE price will go higher or “DOWN” if you think the CAKE price will go lower. Users enter an amount of CAKE they want to commit to their betting position. Each round takes 5 minutes, and you must enter either “UP” or “DOWN” before the next round begins. The CAKE price for each round is determine using Chainlink Price Feeds at the start of each round.
Simply click or tap the new, stunning currency switcher on the top left corner to switch between BNB/USD and CAKE/USD Prediction markets.
What is Chainlink Keepers?
Chainlink Keepers a decentralized transaction automation service that enables developers to automate any smart contract function using custom triggers. Developers can specify predefined conditions that Chainlink Keepers continuously check, and when those conditions are met, Keepers issue on-chain transactions that trigger the smart contract’s functions to execute autonomously. Importantly, Chainlink Keepers are secured by the same tamper-proof, Sybil-resistant nodes that help secure tens of billions of dollars of value through Chainlink Price Feeds.
The Benefits of Chainlink Keepers for PancakeSwap Prediction
Smart contracts can’t trigger themselves — they need an external entity to trigger on-chain transactions to wake them up. While certain types of applications, such as PancakeSwap’s automated market maker (AMM) exchange, can rely on user transactions to run their embedded logic, many smart contracts need an external entity called a “keeper” to trigger a transaction when predefined conditions occur. These conditions can include the passage of time, a specific event occurring, complex calculations, and more.
One way is for the development team to monitor these conditions through a centralized server manually. However, this introduces a central point of failure and consumes precious developer resources that could otherwise be spent improving the dApp. In addition, using manual and centralized process presents the risk that the contract will be trigger late or won’t be trigger at all. Instead of taking on this security and reliability risk, developers can outsource their on-chain DevOps tasks to Chainlink Keepers. If you’d like to start building with Chainlink Keepers, refer to the developer documentation and start submitting jobs.
PancakeSwap Prediction
PancakeSwap Prediction their decentralized prediction market. It enables users to predict whether the price of the CAKE or BNB will rise or fall. With this integration of Chainlink Keepers, they’re now able to automatically open, close, and settle prediction markets every 5 minutes. Chainlink Keepers allow us to automate these processes in a highly secure and decentralized manner, in contrast to unreliable public bounties or centralized solutions that introduce a single point of failure. They’ve also found that Chainlink Keepers are a more cost-efficient solution than centralized alternatives as they don’t require a DevOps team to monitor them constantly. Ultimately, Chainlink Keepers enable us to provide our users with a more secure and reliable prediction market while reducing our costs.
Chainlink Keepers are the recommended smart contract automation solution on BNB Chain due to features such as:
- Decentralized Execution — Chainlink Keepers provide reliable, trust-minimized automation with no single point of failure, mitigating risks around manual processes and centralized servers.
- Increased Efficiency — Projects that use Chainlink Keepers are able to reduce time spent on DevOps, minimize operational overhead, and streamline development workflows.
- Enhanced Security — Tamper-proof, Sybil-resistant Chainlink Keepers sign on-chain transactions themselves, enabling automated smart contract execution without exposing private keys.
- Reduced Costs — Chainlink Keepers perform efficient off-chain computation for smart contracts, allowing developers to build feature-rich dApps at lower costs.
Beyond BNB Chain, we’re planning to support prediction markets on other blockchains in the future. We recognize that Chainlink’s blockchain-agnostic architecture is the industry standard across the entire multi-chain ecosystem and we plan to integrate Chainlink Keepers on any chain that we deploy our prediction market on.
About PancakeSwap
PancakeSwap decentralized exchange and 1st Automated Market Maker and Yield Farming on Binance Smart Chain.
PancakeSwap uses an automated market maker (AMM) model. That means that while you can trade digital assets on the platform, there isn’t an order book where you’re matched with someone else. Instead, you trade against a liquidity pool.
About Chainlink
Chainlink the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Oracle networks provide smart contracts with a way to reliably connect to any external API & leverage secure off-chain computations for enabling feature-rich applications. Currently secures tens of billions of dollars across DeFi, insurance, gaming, major industries, & offers global enterprises & leading data providers a universal gateway to all blockchains.
