Chainlink’s decentralized price oracles will be used as an “anchor” by the upcoming derivatives exchange Digitex Futures to protect traders against collapses.
The next Seychelles-based cryptocurrency derivatives trading exchange, Digitex Futures, has announced that it will integrate Chainlink’s ( LINK ) decentralized price benchmark contracts on its platform.
Chainlink’s decentralized pricing oracles are generally used by decentralized finance (DeFi) applications.
With the integration, Digitex claims that it is the first centralized cryptocurrency futures exchange to implement decentralized oracles. The integration will be used as an anchor to detect internal deviations by a defined percentage.
Chainlink describes their prices as “surely revised, oracle resistant, totally independent.” The index is reported by “a variety of reliable sources of the spot (spot) market.”
Digitex integrates a decentralized price feed
Digitex claims that benchmark price contracts provide traders with “strong protection against price manipulation” and “overexposure to declines” if the company’s internal index produces extreme fluctuations.
The contracts will be used to support the initial perpetual Bitcoin ( BTC ) / US dollar contracts. USA from Digitex, before adding additional feeds along with other crypto assets in the future.
Adam Todd, founder and CEO of Digitex, stated that “Chainlink provides Digitex with highly reliable and transparent pricing information that protects our users against the negative results of abnormal market conditions or internal complications.”
Digitex’s futures exchange opened on the mainnet for selective user enrollment in late April. The platform currently plans to go public during the summer.
Competition among DeFi price oracles grows
In late April, it was announced that Tezos’ top developer teams ( XTZ ), Cryptonomic and SmartPy, had begun work to bring Chainlink’s price oracles to the Tezos network.
The move came after the launch of Coinbase’s own pricing oracle for the DeFi ecosystem.