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OKEx Oracle: A Secure, Signed Price Feed for DeFi Applications

OKEx Oracle: A Secure, Signed Price Feed for DeFi Applications

The international crypto buying and selling big OKEx has introduced the implementation of OKEx Oracle, a safe signed worth feed that serves as a supply of dependable on-chain crypto costs for DeFi tasks. By making OKEx Oracle obtainable as an API that doesn’t necessitate customers to be the platform’s buyer, the extremely liquid international alternate offers builders with entry to reliable, reliable worth knowledge to be used in their very own tasks.

The worth feed is a vital element in the case of crypto-based monetary merchandise and buying and selling devices. Sometimes malicious actors exploit systemic vulnerabilities in DeFi protocols to publish misguided info on-chain and revenue from it. OKEx Oracle helps keep away from such cases by creating tamperproof worth feed signed by the platform itself utilizing a safe personal key, which additional imparts customers with the flexibility to confirm the supply in addition to the integrity of such knowledge.

Explaining the significance of OKEx Oracle, CEO of OKEx Jay Hao stated, “Having entry to a reliable worth feed signed by OKEx provides DeFi tasks and customers the peace of thoughts that the information they’re utilizing is 100% correct. Not solely does this assist to construct dependable foundations to assist DeFi additional, but in addition helps to make sure the safety of customers’ property and the longevity of the protocols they’re utilizing.”

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The Compound (COMP) Connection

It will not be the primary time a signed worth feed system is launched within the DeFi area. The fashionable DeFi protocol providing crypto funding and loans, Compound Finance has already applied what it calls the Open Price Feed (OPF) system the place any celebration can signal key-value pairs like worth feeds utilizing an SDK and put up them to the blockchain. Incidentally, the OKEx Oracle additionally makes use of comparable OPF requirements to supply dependable feed for on-chain worth knowledge.

The Compound Protocol token (COMP) was not too long ago listed on OKEx, permitting its international userbase to commerce in opposition to BTC and USDT. OKEx has already signaled a robust potential for elevated partnership with Compound as each works in direction of making DeFi based mostly providers accessible to all. The OKEx Oracle offers an extra worth feed to Compound and different DeFi options to assist create a foolproof infrastructure.

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“At OKEx, we’re agency believers in DeFi and are satisfied that it’ll result in the subsequent wave of invaluable (blockchain-based) purposes that can finally assist onboard the subsequent wave of crypto adopters. It is an honor to have the ability to assist one of many main protocols within the area by OKEx Oracle, and we hope that Compound’s efforts to take away this single level of failure for a lot of tasks will mark a key milestone for DeFi growth,” stated Mr. Hao.

So far, OKEx has achieved exponential development within the DeFi trade with over $4.6 billion of locked worth in its protocols.  It has additionally prolonged assist to a spread of DeFi tasks as part of its collaborative effort to make blockchain-based monetary options extra accessible. Some of the main tasks listed on OKEx embody Compound (COMP), Aave (LEND), DMM Governance (DMG) and Synthetix Network Token (SNX).

Other notable developments at OKEx within the DeFi area embody its C2C Lending function, implementation of ETH 2.0 Topaz testnet on its mining pool, OKChain decentralized public chain and extra. Now with OKEx Oracle added to the listing, extra tasks may benefit from the answer.

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Learn extra about OKEx Oracle right here

Image by TheDigitalWay from Pixabay

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