OKCoin Joins Coinbase in Supplying Oracle Feed for DeFi Project Compound
OKCoin Japan’s team. Credit: OKCoin Japan
OKCoin has launched a new API feed for the decentralized finance (DeFi) space that has already been picked up by lender Compound.
- The San Francisco-based exchange said Wednesday that OKCoin Oracle would provide on-chain data for DeFi products and features.
- As a liquid and regulated trading platform, OKCoin said its cryptographically signed price feed would be accurate, adding it would also verify and guarantee the data’s reliability.
- San Francisco-based exchange Coinbase unveiled its own price feed plugin for the DeFi space in April.
- Like Coinbase’s, OKCoin’s feed has been incorporated into the oracle system launched last August by Compound.
- Known as the Open Price Feed System, Compounds oracle relies on data providers to effectively share data on-chain.
- Rival oracle system ChainLink works broadly along the same lines, although it rewards third-party entities with LINK tokens for providing accurate data, and takes them away again when they don’t.
- OKCoin was founded by Star Xu, who is also the founder of the separate exchange OKEx, which is based in Hong Kong.
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