OKCoin Launches Its Own DeFi Price Oracle Based On Compound Tech

OKCoin dismissed up its personal worth prophesier for the DeFi house with cognition traceable again to its origin, providing verified accuracy.

“OKCoin has launched OKCoin Oracle, a signed price feed that can be used for reliable on-chain pricing in support of the burgeoning DeFi ecosystem,” OKCoin director of communications, Will McCormick, wise Cointelegraph.

He added:

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

DeFi booming in 2020

The DeFi house has boomed in 2020, with many associated property yielding hovering worth valuations, together with Balancers BAL asset, Compound’s COMP token and others.

DeFi depends on crypto worth cognition for capabilities and capabilities comparable lending and stability. These ecosystems derive such worth cognition from prophesiers, which basically maintain as a gateway between blockchain and the bodily world. Oracles collect worth info that varied sources posted to blockchains, averaging them into one worth earlier than handing it off to good contracts, in the end leading to a worth level intermeshed towards accuracy.

OKCoin’s prophesier aiming for added stability

Multiple DeFi entities have confronted various difficulties in 2020, together with hacks and flash mortgage assaultsleading to hefty losses.

“One of the preceding 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,”McCormick explicit in reference to cost prophesiers. OKCoin’s prophesier leaves an evident path sequent in its change, substantiating worth got here from OKCoin as a reliable supply.

The change used Compound for structuring

DeFi venture Compound gave OKCoin the construction and blueprints used inside the prophesier, McCormick defined. “Compound created the Oracle standard and made it available via API,” he explicit.

OKCoin’s prophesier boasts compatibility with Compound, in response to a July 15 assertion from OKCoin.”Having a dependable feed for on-chain worth cognition is important for DeFi progress and use of Compound,” Compound CEO Robert Leshner said in the statement. “This effort from OKCoin is a crucial contribution to the localized finance ecosystem.”

OKCoin’s prophesier additionally touts compatibility with different DeFi outfits, McCormick included.

OKCoin Launches Its Own DeFi Price Oracle Based On Compound Tech

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