KokomoSwap Will Integrate Chainlink Price Feeds on BSC to Power No-Loss Prediction Markets
Hello, Kokomo Folks 👋🌴
Today, we are excited to announce that KokomoSwap will integrate Chainlink Price Feeds on BSC mainnet to power our new Prediction Market (BETA) feature, providing our users a gamified experience in addition to a hassle-free DEX. Simply put, our no-loss prediction market will allow users to predict whether the price of ETH/USD will be higher or lower in successive rounds, with the potential to earn increased rewards if they’re correct.
We selected Chainlink Price Feeds to settle our prediction markets because they are the industry standard for decentralized price oracles. Chainlink Price Feeds are widely used, time-tested, and secured by battle-hardened node operators already responsible for protecting tens of billions of dollars in value across leading DeFi projects. Integrating Chainlink Price Feeds ensures fair-market settlement prices that represent high-quality data with strong protections against downtime, inaccuracies, or potential data manipulation.
Kokomoswap is an AMM and DEX protocol on Binance Smart Chain enabling users to easily swap tokens, stake assets in liquidity pools(LPs) to earn swap fees, and stake LP tokens on our farming pools to increase yield. As part of our goal to increase platform and token utility, we are now launching our Prediction Market (BETA) feature.
Users can enter the prediction market by purchasing either KOKO or MOMO tickets. The prediction process itself is no-loss — even if users predict incorrectly, they will earn tokens that can be converted into future NFTs. Further details about the exact specifications for the Kokomoswap Prediction Market will be laid out in a future article on our Medium.
After reviewing various oracle solutions, we ultimately decided to integrate Chainlink Price Feeds to secure accurate settlement of prediction markets like ETH/USD. Some of the notable features that weighed into our decision include:
- 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 from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- 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 for reliability, even during high gas prices and extreme network congestion.
- 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 — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
While our initial integration involves using and officially sponsoring the ETH/USD Chainlink Price Feed, we plan to expand to more price feeds in the future to accommodate more prediction markets and new platform features.
In celebration of our new product offering, we will use Chainlink Verifiable Random Function (VRF) — the industry-leading verifiable randomness solution for smart contracts — to run a random giveaway for users on the KokomoSwap platform. Chainlink VRF enables smart contracts to access provably fair and tamper-proof randomness directly on-chain, ensuring that random-based outcomes cannot be altered by oracle operators, miners, users, or even smart contract developers.
“In our search for real-time, on-chain price data that was precise, tamper-proof, and consistently up-to-date, there was no better option than Chainlink Price Feeds. They not only have a proven track record of reliability during extreme market volatility and network congestion but are simple to integrate and easy to scale support for to accommodate new advancements and markets on the KokomoSwap platform.”
The KokomoSwap Team
We keep paddling 🏄♂️
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
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KokomoSwap is a Binance Smart Chain based AMM (automated market maker) DEX(decentralized exchange) designed to facilitate the seamless transaction of crypto assets in a fun-filled and profitable manner. KokomoSwap allows its users to trade crypto and to grow assets in an easy and fun way. It runs on Binance Smart Chain to benefit from faster and lower transaction fees and it provides a refined user experience for both heavy-crypto users and beginners. We want our users to leverage their existing assets to generate additional profits seamlessly.