NYC, 11 Oct 2021, We are excited to announce that DEXKIT has integrated Chainlink Price Feeds on the Polygon network to enable the creation of a crypto asset-based prediction market game called Coin Leagues. Additionally, we are actively working on integrating Chainlink Keepers to improve the user experience through increased automation. The combination of these Chainlink-powered decentralized services will play a key role in helping secure the creation and settlement of on-chain markets, allowing users to predict the movement of crypto asset prices in a very seamless user experience.
We chose to integrate Chainlink into DEXKIT’s Coin Leagues because it is the industry standard for decentralized oracle solutions, already helping secure tens of billions of dollars in value for hundreds of projects across multiple blockchains. Operated by a large collection of historically reliable and secure node operators, Chainlink decentralized oracle networks have proven to be highly resilient in the face of market volatility and network congestion, making it an ideal solution for high uptime, tamper-resistance, and correctness of the DEXKIT’s Coin Leagues product.
Coin Leagues will receive the best price data in real-time provided by Chainlink.
Securing DEXKIT Prediction Markets with Chainlink Oracles
DEXKIT is our collection of DeFi solutions that aims to make it easier for users to manage their cryptocurrencies. This includes a DSwap Aggregator that scans the most popular DEX protocols to reduce slippage for users, a KITDEX exchange to enable a cost-efficient trading solution with gas-free limit orders, an NFT marketplace providing Whitelabel solution for artists and collectors, and a DeFi Dashboard to provide an all-in-one crypto Super App.
In addition to these existing collections of products, we have collaborated with BitBoy Crypto on the creation of a DraftKings equivalent for crypto on the Polygon blockchain called Coin Leagues. This game, now live on the Polygon mainnet, allows users to engage in Bull or Bear games by predicting the future movement of cryptocurrency prices within a predefined time period, from one hour to up to a week. Users can join teams and acquire Captain Coins or Coin Leagues NFTs to add a multiplier on their team score and boost their potential rewards.
In order to make these on-chain prediction markets possible, we required a decentralized oracle solution to securely obtain an accurate source of financial market data to determine the winners of each game. After looking into different projects, we chose Chainlink as our oracle solution as it provided the level of security and reliability that we required to accurately settle Coin Leagues prediction markets. Some of the benefits provided include:
–High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
–Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
–Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
–Economy of Scale — Chainlink Price Feeds benefit from an economy of scale effect, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets (e.g., ETH/USD). This allows DeFi projects to get premium data quality and robust oracle security for a fraction of the total cost.
Through this integration, Chainlink Price Feeds help provide users a greater assurance that each market is fairly settled according to current market-wide prices while still having security that’s decentralized end-to-end. Mitigating data manipulation and downtime in the oracle mechanism introduces a higher level of trust that allows our application to scale to secure increasingly greater amounts of user funds.
In addition to Chainlink Price Feeds, we are actively looking to integrate Chainlink Keepers — a decentralized transaction automation solution that uses off-chain computation to call smart contract functions when predefined conditions occur — to automatically settle prediction markets after their time period has elapsed. Chainlink Keepers uses the same set of hyper-reliable and reputable nodes securing Chainlink Price Feeds, further helping assure users that markets will be immediately settled upon closure without any manual input.
“Integrating Chainlink Price Feeds into the DEXKIT Coin Leagues Blockchain game was an obvious choice given their historical reliability even during blockchain network congestion and volatile market conditions, ultimately creating a superior user experience for our community,” stated João Campos, CEO of DEXKIT. “We look forward to expanding this integration in the future using the growing collection of Chainlink-powered decentralized services such as Chainlink Keepers.”
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.
DEXKIT is a multifunctional DeFi platform aimed to provide the crypto ecosystem with several tools, including a powerful DEX aggregator that searches for best prices in real-time through +30 protocols and several other white label solutions for Ethereum, Binance Smart Chain and Polygon networks.
DEXKIT points as the north to decentralization and makes an apology for low-cost operations on the blockchains in order to improve massive adoption and use cases.