The global crypto trading giant OKEx has announced the implementation of OKEx Oracle, a secure signed price feed that serves as a source of reliable on-chain crypto prices for DeFi projects. By making OKEx Oracle available as an API that doesn’t necessitate users to be the platform’s customer, the highly liquid global exchange provides developers with access to dependable, trustworthy price data for use in their own projects.
The price feed is an important component when it comes to crypto-based financial products and trading instruments. Sometimes malicious actors exploit systemic vulnerabilities in DeFi protocols to publish erroneous information on-chain and profit from it. OKEx Oracle helps avoid such instances by creating tamperproof price feed signed by the platform itself using a secure private key, which further imparts users with the ability to verify the source as well as the integrity of such data.
Explaining the importance of OKEx Oracle, CEO of OKEx Jay Hao said, “Having access to a trustworthy price feed signed by OKEx gives DeFi projects and users the peace of mind that the data they are using is 100% accurate. Not only does this help to build reliable foundations to support DeFi further, but also helps to ensure the security of users’ assets and the longevity of the protocols they are using.”
The Compound (COMP) Connection
It is not the first time a signed price feed system is introduced in the DeFi space. The popular DeFi protocol offering crypto investment and loans, Compound Finance has already implemented what it calls the Open Price Feed (OPF) system where any interested party can sign key-value pairs like price feeds using an SDK and post them to the blockchain. Incidentally, the OKEx Oracle also makes use of similar OPF standards to provide reliable feed for on-chain price data.
The Compound Protocol token (COMP) was recently listed on OKEx, allowing its global userbase to trade against BTC and USDT. OKEx has already signaled a strong potential for increased partnership with Compound as both works towards making DeFi based services accessible to all. The OKEx Oracle provides an additional price feed to Compound and other DeFi solutions to help create a foolproof infrastructure.
“At OKEx, we are firm believers in DeFi and are convinced that it will lead to the next wave of valuable (blockchain-based) applications that will ultimately help onboard the next wave of crypto adopters. It is an honor to be able to support one of the leading protocols in the space through OKEx Oracle, and we hope that Compound’s efforts to remove this single point of failure for many projects will mark a key milestone for DeFi development,” said Mr. Hao.
So far, OKEx has achieved exponential growth in the DeFi industry with over $4.6 billion of locked value in its protocols. It has also extended support to a range of DeFi projects as a part of its collaborative effort to make blockchain-based financial solutions more accessible. Some of the leading projects listed on OKEx include Compound (COMP), Aave (LEND), DMM Governance (DMG) and Synthetix Network Token (SNX).
Other notable developments at OKEx in the DeFi space include its C2C Lending feature, implementation of ETH 2.0 Topaz testnet on its mining pool, OKChain decentralized public chain and more. Now with OKEx Oracle added to the list, more projects could benefit from the solution.
Learn more about OKEx Oracle here
Image by TheDigitalWay from Pixabay
