OKCoin starts its own price oracle for DeFi, which is based on compound technology

OKCoin has launched its own price oracle for the DeFi area with traceable data from its source, which offers verified accuracy.

“OKCoin has introduced OKCoin Oracle, a signed price source that can deliver reliable chain prices to support the burgeoning DeFi ecosystem.” The communications director at Cointelegraph said OKCoin, Will McCormick.

He added:

“OKCoin Oracle acts as a trusted source of market data, and anyone can post OKCoin prices in the chain. Once OKCoin is in the chain, OKCoin can be verified using OKCoin Oracle’s public key as a data source.”

The DeFi boom in 2020

OKCoin starts its own price oracle for DeFi, which is based on compound technology
OKCoin starts its own price oracle for DeFi, which is based on compound technology

DeFi space skyrocketed in 2020, and many related assets lead to upward valuations, including Balancers’ BAL assets, Compound’s COMP token, and many others.

DeFi relies on cryptocurrency price data to provide features and capabilities such as credit and stability. These ecosystems derive such price data Oracles that remain essentially a gateway between the blockchain and the physical world. These oracles collect pricing information that various sources have posted on their blockchains. Averaging a single price before handing it over to their smart contracts, which ultimately turns out at a precision-oriented price.

OKCoin Oracle indicates more stability

Several DeFi companies faced a variety of difficulties in 2020. including hacks and flash credit attacks that have resulted in significant losses.

“One of the previous weaknesses is that the chain’s published market prices could have come from anyone who caused some of the DeFi Flash credit crises we saw earlier this year,” McCormick said of the price oracle.. OKCoin’s oracle leaves an obvious trail that leads to your exchange. The validation price comes from OKCoin as a reliable source.

The exchange used connection for its structure

The DeFi project Compound gave OKCoin the structure and blueprints that were used in his oracle. McCormick explained. “Compound created the Oracle standard and made it available through the API,” he said.

The OKCoin Oracle offers compound support. According to a statement by OKCoin on July 15th. “A trusted source of price data in the chain is critical to the growth and use of DeFi compounds.” said Compound CEO Robert Leshnerin the statement. “”These OKCoin efforts are an important contribution to the decentralized financial ecosystem. “

The OKCoin Oracle also offers compatibility with other interested DeFi projects, McCormick added.

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