OpenDeFi by OroPocket is pleased to announce the integration of Chainlink Oracles for the price updation of its real world assets.
We are using the Chainlink-powered gold and silver Price Feed oracles (XAU/USD & XAG/USD) live on mainnet to price tokenized precious metal assets on our platform. As a market-leading decentralized oracle solution, the Chainlink Network delivers secure and reliable price data to our smart contracts, ensuring that trading and maintaining collateralization of these tokenized assets remain in accordance with the fair market price of the real-world assets they represent.Currently, the entire cryptocurrency landscape is nearly $400 Billion in total value, whereas a single institutional investment fund such as Fidelity has $3.3 Trillion under management.
OpenDeFi aims to build a bridge between these traditional financial institutions and the still somewhat nascent world of DeFi. The North Star metric for our work is to attract large scale institutional investment to DeFi, by removing barriers to institutional investment such as those around custody and representing real-world assets on the blockchain.
OpenDeFi gives investors access to tokenized gold and silver that is fully insured and held by a trusted custodian. These features allow us to offer trades with no price slippage, provide flash loans using tokenized gold and silver as collateral, and pay out yield on users’ staked tokens, which are operating as collateral in the protocol.
At OpenDeFi, there is no price slippage, which means we need highly accurate price feeds to determine fair exchange rates. In keeping with our decentralized roots, we do not use asset prices sourced from any single exchange or single oracle node. Instead, we use decentralized oracle networks to deliver aggregated price data sourced from across all exchanges, both centralized and decentralized, and weighted by key metrics like volume.
This is why our work with Chain...