finance.vote Integrates Chainlink Keepers to Automate and Decentralise Settlement of markets.vote

We are excited to announce that finance.vote has integrated Chainlink Keepers live on the Ethereum mainnet. This integration supports our previously announced integration of Chainlink Price Feeds by creating a fully automated and decentralised process for settling financial prediction markets on the markets.vote dApp.

Each markets.vote prediction market starts at midnight UTC and ends exactly one week later at the same time. Right when one ends, a new one begins. These prediction markets allow users to stake tokens and then vote on which coin out of a curated list of ten will grow the most in terms of price percentage against the U.S. dollar. If a user votes on the winning token, they win a share of a network-generated rewards pool.

markets.vote prediction markets rely on Chainlink Price Feeds to get a volume-weighted global price for each of the ten tokens at the start and end of each prediction market, which is Sunday at midnight UTC. This gives prediction markets an accurate and tamper-proof starting and ending price to then calculate the change over the seven day period.

In order to automate the entire process, including the dispute period, markets.vote smart contracts need the help of keepers. Smart contracts are asleep by default. They need to be woken up in order to execute their on-chain logic, such as to determine winners and issue payouts. Waking smart contracts up requires external entities known as keepers to ping them when it’s time for them to execute via issuing on-chain transactions.

In markets.vote, keepers are important for two functions:

  • Call the proposeWinner() function on Sunday at midnight UTC, which triggers the smart contract to call all 10 Chainlink Price Feed reference contracts in a single transaction to obtain the latest price. The smart contract will compare these prices to each of the previous week’s prices in order to determine the winning token. This function also triggers the start of a challenge window.
  • Call the confirmWinnerUnchallenged() function when no challenge is issued during the 24-hour challenge window. This triggers a payout event to all winning participants in the finance.vote vote market.

Prior to our integration of Chainlink Keepers, this process was handled manually by the finance.vote development team. However, we have now offloaded this basic but critical set of functions to Chainlink Keepers. Chainlink Keepers allow smart contracts to outsource regular maintenance tasks to a decentralised network, which serve as trust minimised and hyper-reliable automation bots for triggering these manual processes exactly when needed.

Some of the specific advantages of Chainlink Keepers include:

  • High Uptime — Chainlink Keepers are run by the same professional DevOps teams that have an established on-chain performance history of providing high reliability to Chainlink Price Feeds during extreme network congestion, which currently secure tens of billions of dollars in TVL across DeFi.
  • Low Costs — Chainlink Keepers leverage several gas-optimising features that lower the costs of automating maintenance tasks for users, including a rotating node selection process to prevent gas price auction wars, stabilising the costs of triggering key smart contract functions.
  • Decentralised Execution — Chainlink leverages a decentralised and transparent pool of Keepers to provide users strong guarantees around secure contract automation, saving teams time and mitigating the risks around manual interventions or centralised servers.
  • Expandable Computation — Chainlink Keeper Network perform off-chain computations and verify calldata for smart contracts, allowing developers to build advanced, trust-minimised dApps at lower costs.

“The integration of Chainlink Keepers decentralizes and automates key maintenance responsibilities of the markets.vote dApp, both increasing its reliability and empowering the core finance.vote team to focus on development of our ecosystem. Chainlink’s node infrastructure has demonstrated its liveness guarantees across even the most volatile market conditions and extreme network congestion periods, giving us great confidence in offloading keepers to the Chainlink Network.” said Dr. Nick Almond, Founder of finance.vote

The finance.vote core team is continually working towards expanding access to prediction markets. We look forward to leveraging Chainlink as we expand across various other blockchains and layer 2 platforms, ensuring our users have a secure experience no matter where they’re making predictions.

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralised 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, decentralised community, Chainlink currently secures billions of dollars in value for smart contracts across decentralised finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organisations, 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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.

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About finance.vote

finance.vote is a decentralised organisation that creates governance dApps for DAOs. They specialise in quadratic voting technology and price discovery, with a prediction market, a decentralised auction house and a suite of gasless multi-chain voting tools designed to upgrade governance across the DeFi space.

The finance.vote dApp suite is the decision making tool kit for the future of decentralised finance. It is governed by FVT holders, who control our roadmap, monetary policy and the funding of the platform.

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Website: https://finance.vote

markets.vote (Prediction Market): https://markets.vote

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