Hakka Finance Integrates Chainlink Price Feeds for Settling Hakka Intelligence Prediction Markets
We are excited to announce that we have successfully integrated Chainlink Price Feeds live on mainnet to obtain on-chain price data regarding the opening and closing times of positions taken on the recently released Hakka Intelligence — a price prediction market that allows Hakka holders to predict the relative rate of change across a number of crypto assets. Chainlink’s market-leading oracles ensure that Hakka Intelligence has access to secure, reliable, and accurate price reference oracles for settling prediction markets.
For those wanting to learn more about Hakka Intelligence, we’ve published a thorough explanation article about how this protocol works and have received a tremendous amount of valuable feedback on it from our passionate community in Telegram.
When it comes to building a decentralized prediction market using blockchain technology, there are two inherent problems that need to be overcome:
1) connectivity to high-quality off-chain data that’s used to settle positions, and
2) the security and reliability of delivering that data on-chain to trigger smart contracts in an automated manner resistant to manipulation. Chainlink solves both of these limitations using decentralized oracle networks that have the ability to access premium data APIs.
After reviewing other oracle solutions, we chose Chainlink as our go-to oracle provider across all Hakka Intelligence markets because of its supreme focus on data quality, oracle security, and decentralization. In fact, Chainlink Price Feeds already contain the largest collection of live decentralized price oracles for most of the in-demand crypto-assets our community demands, which are also relied on by many of the largest DeFi projects like Synthetix and Aave.
Each Chainlink Price Feed consists of a decentralized network of independent and Sybil-resistant oracle nodes run by leading blockchain DevOps and security teams. These nodes source data from multiple premium data aggregators to ensure that price data reflects a volume-adjusted aggregate from across all trading environments as opposed to a single or small set of exchanges. By decentralizing both the data sources and oracle network using premium data aggregators and secure nodes, Hakka Intelligence receives highly accurate, available, and tamperproof price data on-chain to securely and reliably settle prediction markets. Importantly, it removes concerns around flash loan-induced price oracle attacks, bringing even more trust to the Hakka Intelligence platform.
Hakka Intelligence is now supported by the following Chainlink Price Feeds:
“We chose Chainlink as our go-to oracle solution because it is time-tested and proven to secure Billions of dollars in value across numerous top-tier blockchains and DeFi applications. Additionally, the out-of-the-box technical integration made it easy to get Chainlink’s industry-defining secure oracle data into Hakka smart contracts, expediting our go-to market launch,” stated Ping Chen, Hakka Finance Founder.
We have confidence that Chainlink’s Price Feeds will supply all Hakka Intelligence users with the most optimal oracle solution in the market. We also believe this will be one of many Chainlink integrations in the foreseeable future as we release more products in our Hakka ecosystem.
About Hakka Finance
Hakka Finance is a set of decentralized finance (DeFi) applications, which form an all-inclusive ecosystem of tools that allow users to pursue financial sovereignty.
The current product offering consists of a decentralized AMM (Automatic Market Making) exchange designed for stablecoins, a gamified insurance product which helps you to hedge against MakerDAO collapse risk, a price prediction platform that allows Hakka holders to predict the relative rate of change of each asset, an options instrument for investors to hedge/profit/speculate on certain targeting underlying assets with a synthetic, tokenized position, and a general DeFi handbook. All of this is administered and governed by a homonymous governance token, which goes by the ticker of HAKKA.
Chainlink is the most widely used and secure way to power universally connected 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.