The upcoming Seychelles-based cryptomoney derivatives trading exchange, Digitex Futures, has announced that it will integrate Chainlink’s decentralized price reference contracts (LINK) into its platform.
Chainlink decentralized pricing oracles are generally used by decentralized finance applications (DeFi).
With the integration, Digitex claims that it is the first centralized exchange of crypto currency futures to implement decentralized oracles. The integration will be used as an anchor to detect internal deviations in a defined percentage.
Chainlink price oracles enter the Tezos ecosystem
Chainlink describes its prices as „safely checked, oracle resistant, totally independent“. The index is informed by „a variety of reliable sources from the spot market“.
Digitex integrates a decentralized price feed
Digitex claims that price reference contracts provide traders with „strong protection against price manipulation“ and „overexposure to falls“ if the company’s internal index produces extreme fluctuations.
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The contracts will be used to support Digitex’s initial
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perpetual contracts, before incorporating additional feeds along with other cryptoactives in the future.
Adam Todd, founder and CEO of Digitex, stated that „Chainlink provides Digitex with highly reliable and transparent pricing information that protects our users against negative results from abnormal market conditions or internal complications“.
The Digitex futures exchange was opened on the mainnet for selective user incorporation at the end of April. The platform currently plans to go public during the summer.
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Competition between DeFi price oracles is growing
In late April, it was announced that Tezos‘ core developer teams (XTZ), Cryptonomic and SmartPy, had begun work to bring Chainlink’s pricing oracles to the Tezos network.
The move came on the heels of the launch of the pricing oracle itself for Coinbase’s DeFi ecosystem.