OKCoin Launches Its Own DeFi Price Oracle Based on Compound Tech

OKCoin fired up its personal worth oracle for the DeFi area with knowledge traceable again to its origin, providing verified accuracy. 

“OKCoin has launched OKCoin Oracle, a signed worth feed that can be utilized for dependable on-chain pricing in assist of the burgeoning DeFi ecosystem,” OKCoin director of communications, Will McCormick, advised Cointelegraph. 

He added:

“OKCoin Oracle acts as a trusted supply of market knowledge, and anybody can publish OKCoin pricing on-chain. As soon as on-chain, OKCoin is verifiable because the supply of the info, utilizing the OKCoin Oracle public key.”

DeFi booming in 2020

The DeFi space 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 knowledge for features and capabilities comparable to lending and stability. These ecosystems derive such worth knowledge from oracles, which basically maintain as a gateway between blockchain and the bodily world. Oracles collect worth info that numerous sources posted to blockchains, averaging them into one worth earlier than handing it off to good contracts, finally leading to a worth level geared towards accuracy.

OKCoin’s oracle aiming for added stability

A number of DeFi entities have confronted a variety of difficulties in 2020, together with hacks and flash loan attacks leading to hefty losses.

“One of many prior vulnerabilities is that trade pricing posted on-chain might come from anybody which led to a few of the DeFi flash mortgage crises we noticed earlier this 12 months,” McCormick stated in reference to cost oracles. OKCoin’s oracle leaves an evident path resulting in its trade, validating worth got here from OKCoin as a reliable supply. 

The trade used Compound for structuring

DeFi venture Compound gave OKCoin the construction and blueprints used within the oracle, McCormick defined. “Compound created the Oracle normal and made it accessible by way of API,” he stated. 

OKCoin’s oracle boasts compatibility with Compound, in response to a July 15 assertion from OKCoin. “Having a dependable feed for on-chain worth knowledge is crucial for DeFi progress and use of Compound,” Compound CEO Robert Leshner stated within the assertion. “This effort from OKCoin is a vital contribution to the decentralized finance ecosystem.” 

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