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WOO Network will use Chainlink to launch customized institutional oracles

by oof_pj
October 29, 2021
in Chainlink
0


Deposit and Earn Up to $3000 Bonus

WOO Community in the present day introduced WOOFi, a brand new capital-efficient DEX powered by institutional hedging and market-making methods, could be used alongside Chainlink to create institutional-ready market information oracles.

Since Spring of 2021, the WOOFi Swap proof of idea on BSC and Polygon has traded practically $4 billion in quantity, demonstrating the effectiveness of the market-making algorithm referred to as Artificial Proactive Market Making (sPMM). 

The necessity for extremely dependable market information

The DEX depends on highly-granular market information from the WOO Community to be pushed ceaselessly into the blockchain as a way to replicate a CeFi order e book on-chain.

Not like different market information oracles that push an replace after the value deviates a set quantity from the earlier worth, WOOFi wanted extra parameters together with mid-price, unfold, and a liquidity coefficient. WOOFi additionally requires the oracle to be up to date extra usually as a way to make sure the DEX can function with solely 0.1% swap charges. 

On high of those demanding necessities, it was additionally important that the oracle technology be able to sustaining extremely constant uptime, even in unstable market circumstances, and the Chainlink proved to be a pure match for supporting this custom-made answer.   

The Chainlink Community has been operational for 2+ years with excessive uptime and resilience throughout even essentially the most intense circumstances, together with intervals of excessive volatility and community congestion.

It helps over 600 worth feeds throughout a mess of blockchains, which at present assist safe tens of billions of {dollars} in on-chain worth for main DeFi and CeFi initiatives like Aave, Celsius, Compound, and extra. 

Powering superior oracles with Chainlink

To date, Chainlink has supported infrastructure and information feeds which are rigorously maintained by a decentralized community of nodes run by skilled DevOps as a way to present customers with a dependable information feed.

These preliminary decentralized oracle networks (DONs) showcase the start of a a lot bigger imaginative and prescient of the Chainlink Community, the place any variety of DONs are operating concurrently and independently of each other with their very own customized design patterns, exterior connections, and safety configurations.

WOO Community is leveraging Chainlink infrastructure to construct its personal unbiased DONs, which encompass a variety of on-chain information feeds and buying and selling parameters derived from WOO community itself.

By combining the expertise and technical experience of Chainlink oracles with the wealthy market information of WOO Community, it’s potential to create custom-made oracles for WOOFi based mostly on the institutional information and liquidity provisioning methods of WOO community.

WOOFi is simply the primary instance of the on-chain merchandise that may be created utilizing Chainlink and superior datasets to profit DeFi customers by delivering institutional-grade liquidity-providing methods, providing customers low charges, deep liquidity, and aggressive costs.

Shifting ahead, WOO Community will work with Chainlink to make these market pricing oracles accessible to third-party decentralized buying and selling platforms. These platforms could make the most of the oracle’s pricing to supply dependable worth feeds throughout a variety of cryptocurrencies, together with the WOO Token.

Because of Chainlink’s dependable node operators and sturdy monitoring techniques, now we have nice confidence in utilizing Chainlink infrastructure to assist custom-made market information oracles for our inner operations and choose companions.

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