BiG Deal Is Integrating Chainlink Price Feeds To Help Secure Bids in Decentralized Auction House.
We’re excited to announce that BiG Deal — a decentralized auction house — is integrating Chainlink Price Feeds on Solana. By integrating the industry-leading decentralized oracle network, BiG Deal will have access to high-quality, tamper-proof price feeds that enable participants on the BiG Deal platform to buy bids (PLAYs) using both fiat and crypto assets. Specifically, BiG Deal plans to integrate price data for USD, EUR, INR, and other major fiat currencies, along with the native tokens for Solana, Ethereum, Bitcoin, and other popular chains. Ultimately this will help give our users stronger assurances that they’re getting fair and accurate market rates when they make a purchase.
We chose Chainlink as our go-to oracle solution because -
- Its infrastructure is seamless to integrate and time-tested in production.
- Chainlink already helps secure leading DeFi protocols responsible for tens of 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.
Big Deal is a decentralized auction platform featuring more than 7 different types of auction mechanisms. To participate in any of the auctions, participants need to buy PLAYs — which are like bids. A PLAY is always constant in price, so a single bid may consume 1 or more PLAYs, depending on the product under auction. Usually, the more expensive a product is, the higher the price of each bid would be. PLAYs can be bought using both fiat and crypto assets.
To help secure our price feeds, we need 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. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- 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 of reliability, even during high gas prices and infrastructure outages.
- 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 the oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
Down the roadmap, BiG Deal plans to launch raffles and other games on our platform, which require a secure source of randomness. We plan to use Chainlink Verifiable Random Function (VRF) to help ensure that the randomness used to select winners is tamper-proof and provably fair.
“Honestly, our team studied all of the available oracles before zeroing down on Chainlink. As the clear market leader with cutting-edge and time-tested infrastructure, selecting Chainlink was an easy decision.” — Pratik Jain, Founder of BiG Deal
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About BiG Deal
BiG Deal is the world’s first decentralized auction house with smartly crafted 7+auction mechanisms, offering amazing deals to its community.
Each auction mechanism has a clear path to revenue and value generation. BiG Deal aspires to create immense value for its community, investors, promoters, and advisors. BiG Deal is a for-profit venture.
BiG DEAL auction spectrum covers -
- Physical products
- Digital goods and NFTs
For Consumers — BiG Deal is entertainment shopping with attributes of luck, fun, play, and skills.
For Corporates — BiG Deal provides them with innovative ways to expand their reach, increase sales, and define creative ways to reach their customers.
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