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OkCoin Launches Its Own DeFi Price Oracle For Reliable On-Chain Pricing

OKCoin has launched OKCoin Oracle, a signed price feed that can be used for reliable on-chain pricing for the DeFi space.

The oracle offers data traceable back to its origin, offering verified accuracy. 

🔥NEW! OKCoin is proud to support the #DeFi ecosystem with a signed price feed that can be used for reliable on-chain pricing. Take a look: — OKCoin (@OKCoin) July 15, 2020

OKCoin director of communications, Will McCormick added:

“OKCoin Oracle acts as a trusted source of market data, and anyone can publish OKCoin pricing on-chain. Once on-chain, OKCoin is verifiable as the source of the data, using the OKCoin Oracle public key.”

In 2020 the DeFi space saw significant rise with many related assets yielding soaring price valuations, including Balancers BAL asset, Compound’s COMP token and others.

DeFi need to rely on crypto price data for functions and capabilities such as lending and stability.

The price data are derived from oracles, essentially holding as a gateway between blockchain and the physical world.

Oracles gather price information that various sources posted to blockchains, averaging them into one price before handing it off to smart contracts.

It ultimately results in a price point geared toward accuracy.

However, multiple DeFi entities also had to face a number of difficulties in 2020, including hacks and flash loan attacks resulting in huge losses.

In reference to price oracles, McCormick adds:

“One of the prior vulnerabilities is that exchange pricing posted on-chain could come from anyone which led to some of the DeFi flash loan crises we saw earlier this year.” 

OKCoin’s oracle leaves an evident trail leading to its exchange, validating price coming from OKCoin as a trustworthy source. 

DeFi project Compound gave OKCoin the structure and blueprints used in the oracle.

Three key things the Oracle will provide to #DeFi: 👉 Trust 👉 Credibility 👉 accuracy The result? A safer environment for innovative projects and enthusiastic users. 🙌 — OKCoin (@OKCoin) July 15, 2020

McCormick explained:

“Compound created the Oracle standard and made it available via API.”

According to a July 15 statement from OKCoin, its oracle boasts compatibility with Compound.

Compound CEO Robert Leshner said in the statement:

“Having a reliable feed for on-chain price data is critical for DeFi growth and use of Compound..This effort from OKCoin is an important contribution to the decentralized finance ecosystem.” 

McCormick further added that OKCoin’s oracle includes compatibility with other interested DeFi outfits.

Source: Cointelegraph | Image: Unsplash



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