An Ethereum-based decentralized finance (DeFi) protocol Compound Finance has launched its own decentralized price oracle.
According to an official blog announcement, the Compound developers decided to engage Open Zeppelin, a blockchain-focused consulting firm, to audit the proposed price feed and Certora to specify formal verifications of properties of the contracts as a part of the migration to the Open Price Feed.
"We are operating an aggregator 11, where anyone can easily fetch our mirror of the reported prices to be posted to the oracle," said Senior Engineer at Compound Jared Flatow.
The Open Price Feed is an Ethereum-based decentralized price oracle. It’s made up of Reporters, Posters, and a View to read accepted prices.
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Anyone with access to reliable price data can post and store their price data on-chain as well as can configure a View Contract to their liking.
In June, iHodl reported that popular crypto trading platform Binance launched Compound perpetual contracts.
The COMP/USDT pair is available on Binance Futures and allows users to open positions with up to 50x leverage.
On June 20, the total value of the assets locked in Compound exceeded that of Maker by $158 million, and made it the largest DeFi project.
However, at press time Compound has around $810.3 million in locked assets, while Maker has over $1.30 billion.
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