PancakeSwap in the present day introduced the combination of Chainlink Keepers on the BNB Chain mainnet to assist safe its CAKE Prediction Market.
The brand new CAKE Prediction Market is just like the BNB Prediction Market on PancakeSwap, which has turned out to be one of the fashionable prediction markets. Utilizing the CAKE Prediction Market, PancakeSwap customers will be capable of predict if the worth of the CAKE token will drop or rise.
Earlier than launching the CAKE prediction Market, PancakeSwap had built-in Chainlink Value Feeds to safe its prediction market and in addition built-in Chainlink VRF to energy its lottery attracts.
CAKE Prediction Market
In a nutshell, CAKE/USD Prediction Market is PancakeSwap’s product that permits its customers to guess on whether or not the worth of the CAKE token will go down or down. A person enters both “DOWN” in the event that they suppose the worth of CAKE will drop and “UP” in the event that they suppose the worth of CAKE will go up after which enters an quantity of CAKE that they wish to decide to the prediction.
Every prediction spherical takes about 5 minutes.
CAKEUSD Prediction Market
The value of CAKE for every prediction spherical is decided utilizing Chainlink Value Feeds at first of every spherical.
Chainlink Keepers and why PancakeSwap built-in it
Chainlink Keepers is a decentralized transaction automation instrument that permits builders to automate how and when any sensible contract perform is triggered.
Builders specify predefined circumstances and the Chainlink Keepers repeatedly test for when these circumstances are met when the circumstances are met Keepers set off the sensible contract’s perform in order that it autonomously executes.
For safety functions, Chainlink Keepers are secured by the identical tamper-proof, Sybil-resistant nodes that assist safe Chainlink Value Feeds transactions.
Whereas PancakeSwap’s automated market maker (AMM) alternate can depend on person transactions to run their embedded logic, a majority of sensible contracts require an exterior entity often known as a “keeper” to set off their execution when predefined circumstances are met. These predetermined circumstances might embrace time, a particular occasion occurring, or a results of a fancy calculation amongst others.
By utilizing Chainlink Keepers, PancakeSwap is ready to mechanically open, shut, and settle prediction markers each 5 minutes. The Chainlink Keepers enable for the automation of those processes in a extremely safe and decentralized manner.
Chainlink Keepers are additionally more cost effective in comparison with utilizing centralized ‘keepers’ that require a DevOps group to watch the circumstances repeatedly. Which means that customers are capable of entry prediction markets at a lowered price.
In abstract, PancakeSwap select Chainlink Keepers as a result of they permit for decentralized executions, elevated effectivity, enhanced safety, and lowered prices.
Talking after integrating Chainlink to their platform, the Head of International Gross sales at Chainlink Labs, Tomasz Wojewoda, mentioned:
“We’re happy to see PancakeSwap combine Chainlink Keepers to assist securely automate the beginning, finish, and settlement of prediction rounds. With the elevated reliability and decentralization that Chainlink Keepers convey to PancakeSwap, customers have stronger assurances that its prediction market will proceed to perform seamlessly.”
Then again, the Head Chef at Chainlink, Chef Snowball, mentioned:
“We’re excited to have elevated the decentralization, reliability, and effectivity of our prediction market by integrating Chainlink Keepers. Having beforehand built-in Chainlink Value Feeds and VRF, we’ve skilled the reliability of Chainlink first hand and might see why it’s the industry-standard decentralized oracle community.”
Whereas the present PancakeSwap’s prediction markets are constructed on the BNB Chain and thus the necessity to combine the Chainlink Keepers on the BNB Chain mainnet, PancakeSwap can be planning to help prediction markets on different blockchains sooner or later. In addition to Chainlink Keepers is suitable with any blockchain.
