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PancakeSwap makes things more interesting while adding a pinch of automation in the CAKE Prediction Market through Chainlink Keepers
Prominent decentralized exchange platform PancakeSwap has announced about incorporating Chainlink Keepers on its BNB chain mainnet. This drill is taking pace with intentions to secure its CAKE Prediction Market, a fresh product similar to PancakeSwap’s BNB Prediction Market. It has been among the popular prediction markets since its launch.
Earlier than launching its CAKE Prediction Market, BNB chain dex has also worked in the integration of Chainlink Price Feeds that helps to secure the prediction market and also incorporated Chainlink VRF in order to make its lottery draws more capable. CAKE Prediction Market allows PancakeSwap users to predict the CAKE token price if it’s going to rise or will drop.
Primarily, the latest product of PancakeSwap, CAKE Prediction Market, would enable its users to place a bet on the price of CAKE Token where it will go up or down. It will then just follow the simple actions where if a user thinks the price could drop, he will enter ‘DOWN’ or in case they think price will go high then they will need to enter ‘UP’ followed by entering the amount that they think CAKE token will achieve.
Each prediction round lasts for about five minutes. Chainlink Price Feeds determines the CAKE token price for prediction rounds.
As far as Chainlink Keepers is concerned, it’s a decentralized transaction automation tool that enables developers to automate the process and circumstances that would trigger the smart contract function. Developers only need to specify their predefined conditions for the program and then after deployment, Chainlink Keepers keep continuously checking on the conditions when they are to be met. As soon as the conditions meet, the Keepers trigger the smart contract function, making it execute autonomously.
To ensure security, Chainlink Keepers are secured by Sybil-resistant and tamper-proof nodes, similar to those securing the transactions on Chainlink Price Feeds. However, the Automated Market Maker exchange of PancakeSwap can rely on transactions made by the users in order to run their implanted logic. Most smart contracts rely on any external entity that is known as a ‘keeper’ to enable the execution of these contracts once the predefined conditions are met.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
