Olympus Labs and Chainlink integrate decentralized oracles into financial products for reliable price feeds
Olympus Labs, an emerging leader in the blockchain-based fintech ecosystem, is excited to work with Chainlink to bring decentralized price feed oracles to Olympus Labs’ cryptocurrency financial products.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to both large enterprises (SWIFT) and leading smart contract development teams.
“We’re excited to provide the critical data feed price component for Olympus’ futures product. We look forward to the variety of financial instruments that investors and 3rd party Dapp developers build now that they have access to this secure and reliable crypto assets price data,” notes Daniel Kochis, Global Head of Business Development at Chainlink.
The first implementation of Chainlink’s price feed oracles will be in Olympus’s futures products, which will be one of the first decentralized futures product. Developers can use the Olympus protocol to create any kind of futures product they want, which will increase the diversity of financial derivatives on the blockchain and provide users with more financial opportunities. For Olympus financial products to be successful, Chainlink’s reliable price feeds will be crucial.
“We are very excited to be working with Chainlink to bring the world’s first decentralized cryptocurrency futures product to market. Oracles perform a key function in ensuring the fairness and trust of the futures product, so choosing a reliable oracle partner is of the utmost importance. What are the benefits of a decentralized futures product that is fair, trustless, and transparent? For one, it means that you won’t be stopped out by strange spikes that only occur on the exchange that you are trading on to take you out of your position simply to reverse into profit without you, a situation known as stop-hunting” said Kai Chen, CEO of Olympus Labs.
Olympus recently just released their two groundbreaking APIs, B2B and B2C, that will help ignite the nascent cryptocurrency market into a mature asset class. The B2B API will allow investment managers to create financial products, manage their financial products, conduct market analysis, and more. The B2C API will broaden consumer facing applications’ (wallets, portfolio tracking, etc) product offerings by adding tokenized cryptocurrency financial products.
About Olympus Labs
Olympus Labs is a blockchain fintech ecosystem that connects and empowers investment managers, investors, developers, and third-party applications in the cryptocurrency market.
At the core of the Olympus Ecosystem is the Olympus Protocol that enables the decentralized creation of tokenized cryptocurrency financial products such as funds, indexes, futures, lending products, and more.
Olympus Labs aims to power the next generation fintech DApp ecosystem through the Olympus Protocol. We provide APIs/SDKs for developers and existing applications to integrate our protocol.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Olympus Labs, view official announcement.