Digitex Futures, the upcoming Seychelles-based crypto derivatives trading exchange, has announced that it will integrate Chainlink’s (LINK) decentralized price reference contracts on its platform.
It has been reported that Chainlink’s decentralized price oracles are typically utilized by decentralized finance (DeFi) applications.
However, with the integration, Digitex claimed to comprise the first centralized crypto futures exchange to decentralized oracles, as the integration will be used as an anchor to detect internal deviations over a defined percentage.
Digitex is delighted to announce that we're integrating @chainlink's secure, decentralized Price Reference Contracts as an anchor to our BTCUSD price feed! Read the full announcement: https://t.co/RB0CwblaC9 — Digitex Futures (@DigitexFutures) May 25, 2020
Chainlink described its price feeds as “security reviewed, Sybil resistant, fully independent” by saying that the index is informed by “a variety of trusted spot market sources.”
Also, Digitex stated that the price reference contracts provide traders “with strong protection against price manipulation,” and “overexpos[ure] to slippage” should the firm’s internal index produce extreme fluctuations.
It has been analyzed that the contracts will be used to support Digitex’s initial Bitcoin (BTC)/US dollar perpetual contracts, before incorporating additional feeds alongside other crypto assets in the future.
Chainlink’s price oracles are being integrated into the Digitex Futures exchange https://t.co/Qbrp9BH79d — Cointelegraph (@Cointelegraph) May 25, 2020
Adam Todd, the founder and CEO of Digitex, stated:
“Chainlink provides Digitex with highly reliable and transparent price feeds that protect our users against the negative outcomes of abnormal market conditions or internal complications.”
Thus, the futures exchange of Digitex opened on mainnet to selective user onboarding at the end of April, as the platform currently plans to publicly launch during summer.
Source: Cointelegraph | Image: Digitex Futures