Oracles are Available on LUKSO Thanks to DIA
The possibility for DeFi and financial systems that can support a creative economy are a step closer thanks to DIA’s price feed oracles.
TLDR: DIA, a cross-chain data and oracle platform for Web3, has been appointed as the LUKSO ecosystem’s strategic oracle partner. Because of this partnership, developers can now build robust, oracle-dependent DeFi applications without paying the cost of an oracle.
The LUKSO community has been demanding oracle support and DeFi on LUKSO ever since Ethalorian, Alts Anonymous, and the rest of the KEEZ Wrap-UP team started pushing the Pink Money narrative. This bonified marketing campaign was working to highlight the fact that “you can’t have an economy without a stable financial system,” says Ethalorian. With stable stores of value, you can adequately transact and trade. To establish this mechanism on LUKSO, we need Oracles first and foremost. Finally, one is now available, making the possibility of DeFi on LUKSO a reality.
Throughout this article, I’ll share who DIA is, what they offer, how it impacts LUKSO, and what possibilities it can open for the future.
Who is DIA and what do they Provide?
DIA (Decentralized Information Asset) is a “cross-chain, end-to-end, open-source data and oracle platform for Web3”, per their website.
According to their FAQs, “The DIA platform enables the sourcing, validation, and sharing of transparent and verified data feeds for traditional and digital financial applications. DIA’s institutional-grade data feeds cover asset prices, metaverse data, lending rates, and more. DIA’s data is directly sourced from a broad array of on-chain and off-chain sources at individual trade level” Pretty straight forward. However, throughout their blog post about the strategic partnership with LUKSO, they only mention the price feed aspect of their oracles being used on LUKSO.
Regarding the opening comments, providing an oracle for price feeds still helps solve the lack of DeFi and the financial systems issue that currently plagues LUKSO. However, it would be helpful if there was more information on data availability through the oracle. Is it just price feeds, or are lending rates, metaverse data, and more also available?
But regardless, let’s dive into how this price feed oracle will impact LUKSO.
How will this LUKSO Oracle Strategy Impact the Chain?
LUKSO Co-Founder Fabian Vogelsteller is quoted saying “This collaboration opens up a world of possibilities for developers, enabling them to create more secure and reliable decentralized financial applications”.
DIA states that these price feed oracles will “empower developers to build robust, oracle-dependent DeFi applications free of cost”.
It’s clear that this will significantly increase the opportunities for devs on LUKSO, but we knew that. We have been asking for an oracle in the LUKSO community for months now because of the potential of new projects it brings. Some of those are:
– Algo Stablecoins
– Lending & Borrowing
– Options & Futures
– Synthetic Assets
– Money Markets
– Perpetual DEXs
– Prediction Markets
And much more, to name a few. It opens the door to new beginnings in LUKSO, which could revolve around some financial systems capable of supporting this creative economy.
For more articles like this and to stay up to date with LUKSO, follow our X and consistently check back to this site.
Sage,
(none of this is financial advice. Always make sure to do your own research)
