WOO Network will use Chainlink to launch customized institutional oracles

WOO Community right this moment 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 often known 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 continuously into the blockchain with a purpose to replicate a CeFi order guide on-chain.

In contrast to different market information oracles that push an replace after the worth deviates a set quantity from the earlier value, WOOFi wanted extra parameters together with mid-price, unfold, and a liquidity coefficient. WOOFi additionally requires the oracle to be up to date extra typically with a purpose 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 risky market situations, and the Chainlink proved to be a pure match for supporting this personalized resolution.   

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

It helps over 600 value feeds throughout a large number of blockchains, which presently assist safe tens of billions of {dollars} in on-chain worth for main DeFi and CeFi tasks like Aave, Celsius, Compound, and extra. 

Powering superior oracles with Chainlink

So far, Chainlink has supported infrastructure and information feeds which might be rigorously maintained by a decentralized community of nodes run by skilled DevOps with a purpose 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 working 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 doable to create personalized 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 out there to third-party decentralized buying and selling platforms. These platforms could make the most of the oracle’s pricing to offer dependable value feeds throughout a variety of cryptocurrencies, together with the WOO Token.

Because of Chainlink’s dependable node operators and strong monitoring methods, we’ve nice confidence in utilizing Chainlink infrastructure to help personalized market information oracles for our inside operations and choose companions.

Like what you see? Subscribe for updates.