Organix announced a major step toward decentralizing its protocol. They will partner with Chainlink to integrate a fully decentralized oracle in the network. Chainlink’s price oracles will provide accurate price data for all f the assets created and traded on Organix.
These assets include cryptocurrencies, fiat, commodities indexes, and more. Besides, an accurate price feed for Oraginx’s token, OGX, will be provided.
Integrating Chainlink to Help Trading Protocol on EOS
Decentralization is one of the main goals of the Organix team. They provide asset issuance and trading protocol on EOS. The protocol helps developers make assets based on real assets like fiat currencies, commodities, and more. The protocol needs access to accurate price data for each synthetic asset, so oracle is one of the vital components of this network.
Chainlink, because of its decentralized nature and industry-scale popularity, has been chosen by the Oraginx team.
One of the most important applications of Chainlink oracle is providing accurate price data for OGX. Organix has a staking service that helps users stake OGX to mint OUSD. The staking platform needs access to accurate and reliable data that Chainlink will provide.
Marcus Wu, the Organix consultant, says:
“We’re excited to integrate Chainlink’s market leading oracle solution to bring a variety of price feeds to Organix platform and secure its staking mechanism, one of the most critical features of the network. This will greatly enhance its ability to offer traders a broader range of assets to trade, as well provide users with the strong security guarantees that the debt pool will always maintain the desired collateralization ratio. Chainlink has already proven its ability to secure billions of dollars in DeFi, giving us the utmost confidence that Organix Team can launch a secure platform, quickly scale to support more assets in the future, and ultimately seed the greater EOS DeFi ecosystem.”
The Organix project, incubated by TokenPocket, hopes to power more developers to create smart contracts based on EOS. It relies on the vast user base of TokenPocket to offer better development services and frow the DeFi ecosystem on EOS.
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