Telos, Crypto’s Fastest DeFi Ecosystem Continues To Scale DIA price oracle is now available for DeFi projects on the Telos EVM
New York, New York
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April 12, 2022 03:00 PM Eastern Daylight Time
Telos is thrilled to announce that it is implementing the DIA price oracle in support of its ambitious tEVM powered DeFi strategy. Crypto price oracles are fundamental to DeFi projects and DIA (Decentralized Information Asset) is an excellent cross-chain, end-to-end, data and oracle platform for Web 3.0 / DeFi. The tEVM is the fastest, highest capacity, most inexpensive, energy efficient, credibly neutral, and decentralized EVM to date. The addition of a quality cross-chain price oracle is a fundamental addition to Telos’ rapidly growing DeFi ecosystem.
“Partnering with DIA allows Telos to fulfil its potential in supporting DeFi projects like Omnidex, Zappy, Bardi and others. We are working on a meaningful liquidity support program and offer the Ignite grant program for DeFi start-ups. Come and build your DeFi projects on Telos.”
AJ Dinger, Telos Head of Business Development
Blockchain oracles provide chains with a bridge connecting data from on-chain and off-chain platforms. Oracles are specifically necessary in providing DeFi applications with information from the outside world in an exact and reliable manner. These data streams, include data like cryptocurrency price feeds or lending rate feeds and they directly / indirectly play a significant role in expanding the full potential of smart contracts.
An oracle provides a tool to query, retrieve, verify, and provide a blockchain with necessary off-chain-data. To be technically specific, it is a behind the scenes communication tool vs a source of information. Prior to oracles being widely available, blockchain ledgers were not able to communicate to the outside world and this ceiling not only made for a poor user experience, but it also limited the overall adoption. Oracle price feeds report live on-chain cryptocurrency price changes. Crypto assets cannot be accurately cross-chain traded without price Oracles. In DeFi, it’s common that a smart contract receives input from price Oracles, which then trigger actions in respect of lending or staking contracts.
DIA’s data is directly sourced from a broad array of on-chain and off-chain sources at individual trading levels. This allows DIA feeds to be fully customized with regards to the mix of sources and methodologies, resulting in tailor-made, high resilience feeds, setting a new paradigm for oracles.
“We are thrilled to enter the Telos ecosystem by integrating our open-source and transparent data and oracle infrastructure with Telos’ new EVM layer 1 blockchain. Developers will be able to natively access DIA’s broad set of data feeds for 6k+ crypto assets and 20k+ traditional assets via highly customizable and transparent oracles. We are overly excited to start collaborating with Telos native dApps to help them build the best products in an exact and reliable manner”
Paul Claudius, DIA’s Head of Business Development
Transparency and customizability are essential pillars for DIA. Developers can build unique price feed oracles with DIA, customizing the specific computational methodologies used as well as the data sources that make up a feed. This approach is designed to adapt to any custom needs a project might have, but also to provide users with the maximum transparency of how their data feeds are constructed, while being able to serve any asset price feed.
About Telos
Live since 2018, Telos Blockchain (ticker: Tlos) is a third-generation smart contract platform that offers compatibility with Solidity, Vyper and Native C++ smart contracts. Telos provides full EVM/Solidity support with fixed low-cost gas fees and no front running. Uniquely, Telos also offers a path to fee-less transactions via its robust native C++ smart contract support. Utilizing less than 0.000002 kWh per transaction, the chain can sustainably support hundreds of millions of transactions per day, produce blocks in 0.5 second intervals on a first-in-first-out basis (eliminating front running on the network) and securely validate transactions via a credibly neutral and globally decentralized block producer network. The Telos Blockchain has the throughput needed to facilitate and scale the thriving Metaverse / Web 3.0 better than any other blockchain. Its performance is unrivaled in the industry and was purpose-built to offer speed, scalability, cost-effectiveness, credible decentralization, and end-user fairness. Telos harnesses its power by utilizing tight C++ on the frontend and a custom WASM runtime environment on the backend.
About The Foundation
The Telos Foundation is a Decentralized Autonomous Organization established as a promotional and funding body to advance the Telos Blockchain Network and provide support to network applications.
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