The popular stakeout platform With the integration of Harbinger award oracles, Tezos has taken another step towards decentralized financing.
Harbinger is a project that offers signed prices based on real-time market data from multiple exchanges. The on-chain data is fed directly into the Tezos network so that it is “DeFi-capable” for future applications.
Use a method similar to staking out Tezos delegates, which allows token holders to delegate their XTZ to a validator. Harbinger will make it possible to delegate and pre-finance award oracles. The official announcement further stated that:
“This enables the development of self-sufficient price oracles where the rewards for participating in demonstrating stake consensus outweigh the cost of keeping the oracle data updated.”
Pricing is an important component for DeFias they allow the logs to create secured loans and provide accurate token exchange rates. Also, Cryptographically signed prices give the process a layer of trust.
Harbinger works a little differently than other oracle providers like Chainlinkas the cost of publishing pricing data in the chain can be paid for through the stake rewards earned by Tezos owners.
Harbinger is based on Compound’s Open Price Feed with some improvements. Works with “signers”These are the main exchanges like Coinbase, Binance, Gemini and OKEx. and “publishers” who retrieve prices from the signatory and publish them in a “storage contract”. A “normalization contract” calculates a volume-weighted average price that is transmitted to the dApp or DeFi protocol. The first versions of these contracts have already been made available by the Tezos community on CarthageNet and Mainnet.
Harbinger was developed by Blockscale, a company that designs and operates proof-of-stake validators for the Tezos Foundation.
For Tezos, this is not the first step towards DeFi operation. StakerDAO, a Tezos-based platform for securely managing financial assets, launched earlier this year. At the time, Jonas Lamis, CEO of Tezos Capital, stated that he was inspired by the evolution of governance at MakerDAO and wanted to bring something similar to Tezos.
StakerDAO has its own security token, STKR, which is used for community administration proposals and voting rights similar to the major DeFi platforms such as Compound and Maker.