TendieSwap Integrates Chainlink Oracles to Power Its Predictions Market
TendieSwap is also working towards building a decentralized asset management platform TendieDAM and TendieITOs to help new projects launch their tokens.
The token swapping, yield farming, and liquidity pools protocol TendieSwap recently announced its integration with Chainlink Oracles.
Apart from providing staking, farming, and exchange services to its users, TendieSwap also focuses on the decentralized betting industry. In this very attempt, the platform has integrated Chainlink Oracles to secure the settlements of its predictions market.
Chainlink is an ace oracle network that provides developers with reliable data sources and fully secure off-chain computations to help make smart contracts even smarter. The initial integration entails the use of Chainlink Price Feeds to power the cryptocurrency predictions market, specifically BTC, DOGE, and BNB. TendieSwap will consume related data from the Binance Smart Chain (BSC), and this reliable data will ensure that all positions are settled according to the real-world movements of these financial assets.
Chainlink’s Price Feeds have proven to be the most trusted and reliable even in the face of extreme market volatility and network congestion. So, the integration ensures that users of TendieSwap remain protected from data manipulation, crashes, and exchange downtime.
After the initial integration process, TendieSwap plans to further develop Chainlink-powered predictions for additional events like stock prices, financial markets, sports, weather, election outcomes, and much more.
With its integration with Chainlink opening doors for new possibilities in the predictions market, TendieSwap aims to establish itself as an industry-standard in the decentralized betting world.
TendieSwap: More Than Your Average DEX
At first glance, TendieSwap might seem like any other DEX. If you look closely, though, you will realize that it is an ecosystem housing next-generation financial products. The platform is powered by its native utility and governance token $TENDIE.
The first of its products is obviously the decentralized exchange called TendieDEX. According to TendieSwap, this is a one-stop platform for token swapping, liquidity pools, and bridging. It is also an exclusive place to buy TENDIE tokens. TendieSwap is working on making TendieDEX a cross-chain aggregator in the near future.
Another interesting product on the service is TendieFarms, which is a yield farming service enabling users to stake TENDIE tokens to earn BNB or MATIC in return. All the transaction fees generated on the platform is redistributed to TENDIE holders through TendieSwap’s non-native farms.
Furthermore, there’s TendieBets — the first-ever fully decentralized P2P predictions market. It is a protocol that enables users to make money by rightly guessing where the price of certain coins is headed next. Users can speculate on the prices of popular cryptocurrencies for intervals of 5 minutes or more.
In order for the platform to settle these bets made by users, it requires up-to-date prices of each asset. For this, blockchain networks need the help of oracles to provide this data on-chain. These oracles need to be extremely reliable as the outcome of the entire prediction market depends on it. This is where the Chainlink integration could be the real gamechanger.
Beyond crypto price predictions, TendieBets aims to become the go-to betting platform for sports events, election outcomes, weather predictions, and other speculative scenarios.
Apart from all this, TendieSwap is also working towards building a decentralized asset management platform TendieDAM and TendieITOs to help new projects launch their tokens.
The Way Forward
Prediction markets have been around for decades but the rise of cryptocurrencies has brought them back to the limelight once again. Predictions provide a new way for crypto holders to earn rewards by placing bets on the prices of assets. TendieSwap’s TendieBets takes this to a whole new level by letting users bet not just on prices but on other exciting events like sports, elections, and weather. With a vision like this, the Chainlink integration could be just the right step to propel the growth of the project.
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