BetSwirl Integrates Chainlink Price Feeds to Help Calculate User Fees on GameFi Platform
We’re excited to announce that BetSwirl — a Web3 GameFi platform — has integrated Chainlink Price Feeds on Avalanche, BNB Chain, and Polygon mainnets. By integrating the industry-leading decentralized oracle network, BetSwirl has access to high-quality, tamper-proof price feeds needed to help calculate user fees when a bet is wagered. This will provide our users with stronger assurances that the fee charged is based on accurate, tamper-proof price data.
Our initial integration involves the use of the following Chainlink Price Feeds: LINK/BNB, LINK/MATIC, and LINK/AVAX. 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.
BetSwirl aims to become the one-stop Web3 destination where anyone from any chain can come to place bets using a variety of crypto assets. The Dice and Coin Toss games launched on the platform feature graphics, background animations, and music that make the gaming process more entertaining and immersive. For now, bets can be placed with MATIC, BNB, AVAX, USDC, MAI, BUSD, BETS, TITANO, and SPHERE, and we plan to add more assets over time.
In order to help accurately calculate our fee amounts, 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.
In the future, BetSwirl plans to integrate more Chainlink Price Feeds to expand MATIC, BNB, and AVAX with additional assets so players can use a wider variety of digital assets.
“We’re excited to use Chainlink Price Feeds on our GameFi platform. Accessing high quality and tamper-proof price data will help ensure that the fees on our platform are calculated using accurate price data.”
— Romuald Hog, CEO of BetSwirl.
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.