Bounce Integrates Chainlink Oracles on Mainnet to Settle Prediction Markets
Bounce Finance, a decentralized auction protocol operating on both Ethereum and Binance Smart Chain, is happy to announce our mainnet integration with Chainlink — the market-leading decentralized oracle network. By integrating Chainlink Price Feeds as our primary oracle solution, Bounce is able to reliably and securely determine the outcome of prediction markets, as well as offer transparent and fair exchange rates for assets used within auction offerings.
Bounce Finance is a decentralized auction protocol that unlocks the potential of open finance, combining auction models and tools to build sets of prediction markets. Anyone can create and/or participate in Bounce prediction market pools, with payouts to the winning side based on the user’s proportional stake in the pool and the length of time a staker has taken a position (more rewards going to earlier stakers).
Once a pool is created, there is a one-hour period where the average asset price is calculated, and then set as the starting price. After the betting period has concluded, another one hour period is used to calculate the ending price, which also uses an average market price over that time frame. Given the importance of price oracles in determining outcomes, we require a highly secure and reliable blockchain oracle to deliver accurate prices and protect user funds.
Chainlink provides Bounce smart contracts with a highly available and manipulation-resistant oracle network for obtaining high-quality price data. Price data is sourced from multiple premium data aggregators using secure node operators run by leading Blockchain DevOps teams. This oracle design ensures strong market coverage of the price feed, which is important to mitigating data manipulation vulnerabilities like flash loans, and preventing downtime and Sybil attacks. It’s for these reasons and more that we feel Chainlink is the №1 oracle solution in Defi, and relied on by leading DeFi protocols to secure billions of dollars in user funds.
In addition to prediction market settlement, we plan to use Chainlink as a price benchmark and source of exchange rates for various assets that are bid on and sold using our auction protocol. With our auction platform servicing a wide variety of assets like NFTs, we can leverage Chainlink’s flexibility to source data from a variety of sources, such as on-chain marketplaces, off-chain APIs, user-curated benchmarks, and more.
“By integrating Chainlink, users receive strong guarantees that all prediction markets will be settled according to fair market values, while mitigating concerns around data manipulation and downtime.” said Bounce Finance Co-Founder and CEO Chandler Song. “With a wide selection of price oracles already live and a proven framework for launching new ones, we were able to quickly support numerous prediction markets right away, as well as gain access to a simple gateway for launching new ones based on market demand from the Bounce ecosystem.”
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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