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TotemFi Integrates Chainlink Price Feed to Secure BTC Price Data

We’re excited to announce that TotemFi — the innovative staking-based, non-punitive prediction markets platform — has integrated Chainlink Price Feeds on the BSC mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, TotemFi has access to high-quality, tamper-proof price feeds needed to assess which of our users have made the most accurate predictions in the future price of BTC. This will provide our users with strong assurances that, if they predict accurately, their ability to forecast the future will be properly acknowledged and rewarded!

Our initial integration involves the use of the BTC/USD Chainlink Price Feed initially before we add further assets to the platform. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for 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.

The launch of TotemFi’s Mainnet represents the culmination of the vision our founders laid out at the inception of the project; to provide the crypto community with a prediction market platform which doesn’t punish inaccuracy, and which incentivises users to harness the wisdom of the crowd principle to do the impossible — predict the future price of Bitcoin!

In order to secure our BTC price feed, 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, so we need to make use of an oracle 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 ...

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