COTI, STASIS integrate Chainlink to bridge CeFi-DeFi
Bridging the gap between traditional finance and DeFi protocols seems to be the need of the hour, and Chainlink’s recent integrations seem to be facilitating just that.
Blockchain-powered Fintech company COTI recently launched a new Crypto Volatility Index (CVI) for DeFi, one that enables traders to profit from market volatility. The company is in the news again after it announced the integration of Chainlink oracles to the Index in order to decentralize how it is calculated, as well as to make the CVI available across other platforms.
According to COTI, this “helps CVI realize its ultimate vision of being a decentralized, stable, transparent, informative, and replicable benchmark for cryptocurrency volatility information.”
CVI, which is also referred to as the “Market Fear Index,” is designed to determine the market’s expectations of future volatility over the next 30 days.
The development was also applauded by Johann Eid, Chainlink Product Manager, who commented,
“Bringing an important and unique data set like CVI to the DeFi ecosystem helps facilitate novel DeFi products, further maturing the market and enhancing its ability to compete with traditional finance.”
To this effect, stablecoin platform STASIS, which issues Euro-backed digital assets, has also integrated Chainlink in order to provide automated on-demand audits directly on-chain regarding the reserves backing its flagship product, the EURS stablecoin.
A recent announcement from the company revealed that the Chainlink Proof of Reserve oracle would be used to consistently check the off-chain fiat reserve balances and on-chain token supply of the STASIS EURS every ten minutes. In a statement made alongside news of the integration, Gregory Klumov, CEO and Founder of STASIS said,
“This advancement will have a positive impact on stablecoin use cases, ultimately driving global acceptance of the DeFi field even further.”
OhNoCrypto
via https://www.ohnocrypto.com
Samyuktha Sriram, @KhareemSudlow
