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Brent Crude Oil Futures Now Tradable on DeFi Exchange Synthetix

You can now carry exposure to world oil markets in your decentralized finance (DeFi) portfolio, thanks to the listing of Brent Crude Futures (Brent) on trading platform Synthetix.

Using syndicated data from Intercontinental Exchange (ICE), the Synthetic Oil (sOIL) token is live today on the Synthetix trading platform, according to a release shared early with CoinDesk. 

Brent is one of two major futures contracts for global oil markets, the other being West Texas Intermediate (WTI). The contract tracks the future price of oil found in the North Sea and generally helps set the spot price of European oil. Outside of fiat-backed stablecoins, the product is one of the first real world assets to enter DeFi trading.

The addition of more real world assets “will be up to the community to request,” Synthetix founder Kain Warwick told CoinDesk in a Telegram message, adding that there is “a lot of interest in adding other commodities.”

Pricing data for sOIL is supplied by data provider Chainlink, further sourced from ICE for an undisclosed sum. Framework Labs, sister company of venture capital firm Framework Ventures, helped syndicate the data.

“Connecting key financial infrastructure to next-generation smart contracts is a key step in the continued evolution of the DeFi ecosystem. We look forward to helping Synthetix continually expand the collection of assets it supports and working with Framework Labs to onboard more traditional players to DeFi,”Chainlink Co-founder Sergey Nazarov said in a statement.

Synthetix – which conducted an initial coin offering (ICO) in 2018 for its ERC-20 styled Synth (SNX) token – enables the creation of synthetic financial contracts using its native token.

The platform currently offers 24 trading pairs ranging from cryptocurrencies to crypto indices to foreign exchange (FX) such as the euro. Each tradable contract is backed by a 750% collateralization of SNX and mimics price movements of the chosen ass...

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