EFUN Integrates Chainlink Price Feeds to Help Secure its Prediction Market
We’re excited to announce that EFUN — a prediction market for Web3 games and the metaverse — has integrated Chainlink Price Feeds on BNB Chain mainnet.
By integrating the industry-leading decentralized oracle network, EFUN has access to high-quality, tamper-proof price feeds needed to help determine the results of prediction games based on external events. This will provide our users with stronger assurances that our games of prediction are accurate, transparent, and fair.
Our initial integration involves the use of the following Chainlink Price Feeds: BTC/USD, ETH/USD, BNB/USD, LUNA/USD, and XRP/USD. We chose Chainlink as our 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.
EFUN is a pioneering prediction games platform within Web3 and the metaverse. EFUN token holders will have unprecedented chances to win prizes through various predictive events such as sports matches, elections, and metaverse games.
In return, EFUN helps organizations influence consumer perception and enhance brand awareness. Based on the blockchain, EFUN’s ultimate mission is to make games of predictions that are not only fun and beneficial but also transparent and trustworthy.
In order to help secure EFUN game results, we needed 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. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- 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. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- 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 oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
“Chainlink Price Feeds help make sure that we can provide our users with reliable and transparent games of prediction. With hyper-reliable data feeds that are seamless to integrate, it’s clear why Chainlink is the industry leader.” — Tony, Founder and CEO of EFUN
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.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.
To discuss an integration, reach out to an expert.
EFUN is the pioneer platform for games of predictions on Web3 and the Metaverse. EFUN token holders will have unprecedented chances to win prizes through various predictive events such as sports matches, elections, or metaverse games. In return, EFUN helps organizations to collect the opinions of the masses and enhance brand awareness. Powered by blockchain, EFUN’s mission is to make Games of Predictions not only fun and beneficial but also transparent and trustworthy.
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