An automated market maker (AMM) venue for sports market based on Thales, Overtime Markets, declared having integrated with Chainlink oracles on the mainnet of Optimism. The very integration enables Overtime to get to the finest sports data taken from the biggest oracle network throughout the world in terms of decentralization, permitting the group to offer the actual on-chain odds as well as finding to maintain the sports markets of Overtime.
Chainlink Sports Data Integrated by Overtime Markets
Chainlink is considered to be a leading platform across the industry so far as the networks of oracles are concerned, allowing the blockchain-based venues to have a decentralized as well as a secure avenue comprising Price Feeds (pricing data), VRF (randomization), as well as keepers (automation) along with many other things. In 2021’s June, the group of Chainlink pointed toward the construction as well as the improvement of smart contracts by oracles, to be utilized for the expansion in the span of the sports markets.
The first mentioned use cases take into account parametric insurance, benchmark trading, game ticketing, fan rewards, blockchain-based gaming, sports collectibles, prediction markets, and so on. Another noteworthy thing is that several significant figures such as Dez Bryant (a former wide receiver of the Dallas Cowboys) have utilized Chainlink Sports Data to assist his NFTs launch to track the stats of the players through his firm named Personal Corner.
The Features Provided by This Integration
The Association – the venue of NBA – is additionally utilizing the Verifiable Random Function (VRF) of Chainlink for the NFTs’ fair minting. VRF is categorized as a standard in terms of secure and transparent minting of the non-fungible tokens (NFTs) and it is additionally utilized in gaming which is based on blockchain. Concerning Overtime Markets, the venue will utilize the oracles of Chainlink to request end and live results for many diverse sports.
At this time, the group discloses that the sports data based on Chainlink takes into account up to sixteen leagues, in which MLB, NBA, NFL, NCAA Men’s Football, and other notable ones are included. Overtime asserts that they will keep on providing support for the establishment of the exclusive markets along with potentially adding support for a few prominent tournaments. In a blog post that was issued today, the Overtime group noted that the AMM model of Thales permits Overtime to construct rapid liquidity throughout the markets.
They added that there will be three results for every one of the sports in which draw, away win, and home win, will be included. In the start, they said, each of the tokens will be held by the sports AMM in an equal amount and they will be priced through an odds request made to the Chainlink oracles. They moved on to say that by taking the positions on the behalf of the traders, the respective positions’ prices will have a great impact because of the skew impact since the positions will be balanced by the AMM per the demand.
