Hxro Integrates Chainlink Price Oracles Live on Mainnet to Begin Decentralizing its BTC and ETH Indices
Hxro, the gamified crypto trading platform that offers users an innovative way to play the markets, has announced a collaboration with Chainlink, the market-leading decentralized oracle solution, to provide reference pricing on Hxro’s .xBTC and .xETH Indices. This marks the first live integration in which a centralized trading platform is utilizing a decentralized on-chain price feed as a reference price, providing unparalleled transparency, fairness and reliability to its users.
Chainlink is the most widely used oracle solution in DeFi, securing over $1.5B in USD value and providing price feeds to over 90% of the DeFi derivatives market. Its price feeds are supplied by a decentralized network of independent nodes, run by leading blockchain DevOps and security teams such as Deutsche Telekom subsidiary T-Systems. Nodes source data from multiple off-chain data aggregators like BraveNewCoin, which maintain volume adjusted market coverage across all trading environments. The nodes’ responses are then aggregated to form a single price point and stored on-chain for users to independently verify.
Hxro CEO Dan Gunsberg commented, “Integrating Chainlink’s secure, decentralized reference data as a source for comparison against our off-chain contract settlements is a first step in bringing decentralized pricing and settlement to our platform. Providing our users with transparency and fairness in our index pricing has always been a top priority for Hxro. As we continue to evolve the Hxro platform and introduce more on-chain functionality around our markets, this interim step will give users assurances that our settlement prices fall within the bounds of fairness and reasonability.”
In this initial implementation, Chainlink is used as a fully decentralized reference price, which serves as a comparison against Hxro’s existing .xETH and .xBTC indices to ensure they do not deviate outside a set range. Hxro will begin by running reference pricing on the platform’s longer duration events. The company plans to integrate with a wider set of markets and in lower timeframe contracts as the collaboration evolves.
Daniel Kochis, Head of Chainlink Business Development said, “We are thrilled to work with Hxro in providing a more secure, transparent, and fairer trading environment for the end-user. Hxro’s emphasis on transparency and its unique approach to ensuring accessibility and simplified trading concepts is an overdue and important development for the wider crypto ecosystem. We share many of Hxro’s values in making crypto markets a truly accessible and interactive environment, and we are delighted to collaborate with the Hxro team.”
Hxro is a cryptocurrency trading platform that sits at the intersection of trading and games. It offers an alternative way for traders to play the market through innovative products that are fair, highly intuitive and easy to engage.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Hxro, view official announcement.