OKCoin launches exchange-powered price oracle for DeFi apps

OKCoin DeFi

San Francisco-based crypto exchange OKCoin will offer signed price data from its trading platform, offering another source of pricing truth for DeFi apps.

A new price oracle challenger has entered the arena.

Crypto exchange OKCoin announced today the launch of OKCoin Oracle, a signed price feed using data from OKCoin’s cryptocurrency exchange to broadcast secure data about the price of different digital assets. Lending protocol Compound will be an early adopter of the OKCoin oracle feed, indicating an appetite for the continued expansion of different sources of data to secure the DeFi ecosystem.

OKCoin Oracle will be available via an API and can be verified using a public key. A greater number of price oracles within the overall DeFi ecosystem can help prevent exploits using manipulated price feeds to acquire large amounts of tokens at an artificially low price.

“Earlier this year, some bad actors took advantage of fake pricing information guised as exchange pricing posted on chain, which led to two hackers using flash loans to attack the margin trading protocol bZx, first in a $350,000 attack and later in a $600,000 copycat attack,” OKCoin CEO Hong Fang told Decrypt. Read More

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When I came up with Ethereum, my first first thought was, 'Okay, this thing is too good to be true.' As it turned out, the core Ethereum idea was good - fundamentally, completely sound