Coinbase Brings Price Oracle to Reduce DeFi Risks
- The market price will be directly fetched from Coinbase Pro.
Coinbase, a major American crypto exchange, announced on Thursday the launch of a data feed for providing cryptocurrency prices.
Dubbed Coinbase Price Oracle, the market price data can be used for “the construction of novel derivatives, algorithmic stablecoins or to liquidate debt positions.”
This offering came by prioritizing the need for market data by the decentralized finance (DeFi) platforms.
The feed is fetching price data from Coinbase Pro for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum against the US dollar, and is updated every minute.
This, according to the crypto exchange, will make “DeFi ecosystem safer, reduce systemic risks, and unlock the next wave of growth and adoption.”
The market needs a reliable data feed
To assure the authenticity of the data when shared with a third-party, the exchange will also sign the feed with a private key. This will also protect against any price manipulation or invalid data.
“Coinbase Oracle will increase the security and decentralization of Compound’s price feed, which is mission-critical to the protocol and the ecosystem of applications built on top of Compound. We’re not alone — the rest of DeFi will benefit with faster development, consistent data, and shared standards,” Robert Leshner, CEO of Compound, said.
Earlier many exchanges faced allegations of posting fake trading volume. Bitwise even sided 95 percent of the crypto exchange volumes as fake. With all this distrust, Coinbase’s pricing data will help the automated protocols.
“A Coinbase Price Oracle will be hugely impactful for the DeFi ecosystem — price oracles are used in every lending & derivatives protocol,” Antonio Juliano, CEO of dYdX, added. “Coinbase is uniquely positioned to provide oracle prices as they’re the most trusted and secure institution in the space. These prices can be used as an input to help create more decentralized and secure price oracles for the ecosystem.”
Coinbase, a major American crypto exchange, announced on Thursday the launch of a data feed for providing cryptocurrency prices.
Dubbed Coinbase Price Oracle, the market price data can be used for “the construction of novel derivatives, algorithmic stablecoins or to liquidate debt positions.”
This offering came by prioritizing the need for market data by the decentralized finance (DeFi) platforms.
The feed is fetching price data from Coinbase Pro for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum against the US dollar, and is updated every minute.
This, according to the crypto exchange, will make “DeFi ecosystem safer, reduce systemic risks, and unlock the next wave of growth and adoption.”
The market needs a reliable data feed
To assure the authenticity of the data when shared with a third-party, the exchange will also sign the feed with a private key. This will also protect against any price manipulation or invalid data.
“Coinbase Oracle will increase the security and decentralization of Compound’s price feed, which is mission-critical to the protocol and the ecosystem of applications built on top of Compound. We’re not alone — the rest of DeFi will benefit with faster development, consistent data, and shared standards,” Robert Leshner, CEO of Compound, said.
Earlier many exchanges faced allegations of posting fake trading volume. Bitwise even sided 95 percent of the crypto exchange volumes as fake. With all this distrust, Coinbase’s pricing data will help the automated protocols.
“A Coinbase Price Oracle will be hugely impactful for the DeFi ecosystem — price oracles are used in every lending & derivatives protocol,” Antonio Juliano, CEO of dYdX, added. “Coinbase is uniquely positioned to provide oracle prices as they’re the most trusted and secure institution in the space. These prices can be used as an input to help create more decentralized and secure price oracles for the ecosystem.”