Plation Integrates Chainlink Automation to Support Prediction Markets for Inflation

We’re excited to announce that Plation — an on-chain prediction market for inflation — has integrated Chainlink Automation live on Ethereum mainnet. We are leveraging Chainlink Automation to securely and cost-efficiently trigger its prediction market rounds. As a result, prediction market rounds on Plation are executed using a decentralized network of nodes.

We decided to use Chainlink Automation to help trigger Plation’s executeRound function because it is the most reliable Web3 automation service. The Chainlink Automation Network is operated by the same pool of time-tested, provably reliable node operators that currently help secure tens of billions of dollars in DeFi, even during record levels of network congestion and extreme volatility. The proven infrastructure of Chainlink helps ensure that every executeRound is executed on-time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.

Plation is a prediction market for inflation using Truflation’s inflation data provided via Chainlink. Plation provides an opportunity for people to make predictions on whether inflation in certain CPIs will rise or fall in a given time period. Prediction markets can be used to aggregate ideas of certain outcomes from markets; therefore Plation’s main focus is to be able to aggregate inflation sentiment.

Chainlink Automation is necessary for Plation’s prediction rounds to help the prediction markets execute and to help rewards to be calculated on-chain and in a decentralized manner.

Chainlink Automation is a decentralized service purpose-built to manage tasks on behalf of smart contracts. Chainlink Automation leverages decentralized, hyper-reliable, and economically incentivized automation nodes to wake up smart contracts when they need to perform critical on-chain functions, which usually take place at regular time intervals (e.g., every day at the same time) or based on external events (e.g., when an asset hits a specific price).

Some of the notable features of Chainlink Automation include:

• Highly reliable, performant, and decentralized automation — Chainlink Automation ensures transactions are identified and confirmed quickly even during periods of heavy network congestion by leveraging Chainlink’s battle-tested transaction manager.
• Time-tested infrastructure that helps save costs — Chainlink Automation enables us to eliminate in-house automation infrastructure costs, reduce resources spent on DevOps, and increase speed and efficiency.
• Built to enable faster scaling — Chainlink Automation enables us to scale faster and avoid the challenges that come with building and maintaining the infrastructure needed to reliably automate across multiple chains.
• Unlocks new use cases — With smart contract automation, we’re able to explore new use cases and unlock capabilities that would otherwise not have been possible.

We plan to further utilize Chainlink Automation in the future to bring more prediction opportunities on-chain including different CPIs, longer prediction periods, and climate predictions.

“We chose to use Chainlink to help trigger the execution of our prediction rounds as it provides the most secure, reliable, and decentralized smart contract execution service in Web3.” — Liam Aikin, Founder

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Plation

Plation is a prediction market for inflation on the Ethereum blockchain, and a winner of the Chainlink Spring 2022 Hackathon, allowing users to predict outcomes in inflation in a decentralized and verifiable manner.

To find out more about Plation, visit plation.io or read the whitepaper at whitepaper.plation.io