PredictX recently announced the integration of Chainlink’s standard Oracle with the DeFi market platform. PredictX, which uses Chainlink Data Feeds on the Binance Smart Chain, offers prediction market liquidity using top-quality data like BTC and ETH. PredictX chose Chainlink over competing for oracle networks because it employs several data aggregators for real-time price updates with extraordinarily high levels of availability, dependability, and accuracy. Chainlink is designed in such a way that it becomes resistant towards single points of failure and helps minimize data modification attacks similar to flash loans by decentralizing the data source, oracle node, and oracle network layers.
The Process
Using PredictX, all traders can come together to work and reach a conclusion about the probability of the possible event. Traders can vote either by Yes or No. The share price will depend on the percentage of votes for the event.
Users using PredictX can enjoy a good experience with AMMs along with user-focused incentives. Incentives offered also are easy for liquidity providers (LPs) who can join pools and supply resources, allowing traders and the ecosystem as a whole to have more access to capital.
PredictX is not the only Defi market for prediction and uses all current examples of predecessors from all users for high-end protocol. Moreover, PredictX is also flexible in terms of architecture and is easy to integrate with other DeFi platforms.
Need of Chainlink
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Experts believe that Chainlink is the best in its own term. PredictX keeps looking for new and improved methods of production that can stay for long. The main goal of PredictX is to increase liquidity and create a good base of improved user experience. This helps users to access real-time and updated prices.
Benefits of Chainlink Data Feeds
Top Quality Data
API keys along with account logins may be managed by Chainlink oracles that allow collecting and distributing premium data right from highly accessible and financial APIs.
Highly Reliable Nodes
Chainlink Data Feeds are highly secured, thanks to the independent and Sybil- resistant oracle nodes, which are run by the data providers and DevOps teams of enterprises.
Decentralized Infrastructure
The decentralized Chainlink data feeds at Oracle node and network levels help in eliminating failure points along with delivering external data for PredictX.
About PredictX
PredictX is a complete DeFi protocol designed to enable prediction markets to be used in DeFi. PredictX offers the best liquidity in the markets, helping users to get complete predictions at the platform, thanks to automated liquidity and properly calibrated incentives.
About ChainLink
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Chainlink acts as the standard method to build and sell oracle services that can push hybrid smart contracts. Smart contracts may connect to any external API and use safe off-chain calculations to provide feature-rich apps, thanks to Chainlink oracle networks.
