Oracles

CoChilli is a partner and early adopter of Pyth Network, one of the fastest and most advanced oracle networks on the market. Thanks to their unique on-demand price update model, we are able to source accurate and tamper-proof asset prices for every single second and verify them onchain. This solution is completely trustless and transparent, making CoChilli Trade the most decentralized price prediction protocol on the market.

How it works?

1. Someones bet on Cochilli Trade Classic has come to an end and the payout must be processed.

2. Pyth combines the price data received from multiple Pythnet publishers producing one signed aggregate price for every consecutive second and stores it.

3. CoChilli Keeper Infra sources the price for the open and close timestamp from our private Pyth Node which makes the network more resilient.

4. Keeper sends an executeBet transaction to the Game smart contract with the necessary price update information.

5. The Pyth smart contract is called and the price data is verified using the Wormhole Network. This process would fail if we or anyone else tried to manipulate the price data received from the signers.

6. The open and close prices are compared and if the user was right the payout is sent straight to their wallet.

How is it permissionless?

Even though we run the Keeper Infrastructure and cover the gas costs of the transactions, our service does not have any elevated permissions, meaning anyone could run a service like that. If something caused it to go down a user would still be able to execute his won bet by himself!

What if Pyth goes down?

Of course we need to assume that Pyth Network could fail to produce the price data for a certain amount of time or even stop working completely, that's why a bet that hasn't been executed by anyone for 24 hours can be cancelled by the user in order retrieve their deposit.