The need for an hour appears to close the gap between conventional finance and the DeFi protocols, and Chainlink’s new integrations seem to make it simpler.
Blockchain-powered Fintech firm COTI recently released a new Crypto Volatility Index (CVI) for DeFi, which allows traders to benefit from market volatility. The company is in the news again after it has revealed the incorporation of Chainlink oracles into the Index in order to decentralize how it is measured and to make CVI accessible across other channels.
According to COTI, this “helps CVI realize its ultimate vision of a decentralized, stable, transparent, informative and replicable benchmark for cryptocurrency volatility information.”
CVI, also referred to as the “Market Fear Index,” is intended to assess market expectations for potential uncertainty 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 end, the stablecoin network STASIS, which issues Euro-backed digital assets, has also incorporated Chainlink to provide automatic on-demand audits directly on-line with regard to the reserves underpinning its flagship product, 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.”
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