Cryptocurrencies

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, Compound’s 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.

See also: Why Crypto Exchange OKCoin Jumped Through Hoops to Get Licensed in Japan

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