OKCoin Launches DeFi Price Oracle

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OKCoin is one of the leading cryptocurrency exchange around the world. It allows investors to trade Bitcoin, Ethereum, XRP, and more with USD, EUR, CNY. The OKCoin is a high speed medium and cost effective.

OKCoin after the recent success is establishing itself as a medium. It has launched price oracle for the DeFi space with data traceable back to its origin.

OkCoin director of communications Will McCormick informed Cointelegraph that it has launched OKCoin Oracle. A signed price feed that can be used for reliable on-chain pricing in support of the burgeoning DeFi ecosystem.

“OKCoin Oracle acts as a trusted source of market data, and anyone can publish OKCoin pricing on-chain. Once on-chain, OKCoin is verifiable as the source of the data, using the OKCoin Oracle public key,” he added in the statement send to Cointelegraph.

DeFI is a market where most cyptocurrency are investing due to its booming nature. However, it should be understood that entities related to DeFI are facing troubles.

“One of the prior vulnerabilities is that exchange pricing posted on-chain could come from anyone which led to some of the DeFi flash loan crises we saw earlier this year,” McCormick said in reference to price oracles. OKCoin’s oracle leaves an evident trail leading to its exchange, validating price came from OKCoin as a trustworthy source.

A major profit is that Okcoin oracle is compatible with compound.

“Having a reliable feed for on-chain price data is critical for DeFi growth and use of Compound,” Compound CEO Robert Leshner said in the statement.

“This effort from OKCoin is an important contribution to the decentralized finance ecosystem.”