DIA, a decentralized oracle network focusing on customizable market data feeds, has joined forces with the Stacks (STX) ecosystem, based on the most recent data shared with Finbold on Wednesday, September 11.
Offering critical tools for building decentralized finance (DeFi) applications on Bitcoin’s (BTC) Layer 2, the partnership enables the integration of DIA’s oracle suite with Stacks to provide real-time price data for STX and SIP-10 tokens.
Mitchell Cuevas, Executive Director at the Stacks Foundation, characterized the DIA integration as addressing the remaining key issues related to Bitcoin DeFi:
“At the Stacks Foundation, one of our primary functions is to support builders in bringing in the resources and infrastructure they need to be successful. While working closely with the DeFi Working Group, the research quickly made it clear DIA was the top choice of builders in an oracle.”
The Executive Director added:
“The DIA integration addresses key remaining needs related to Bitcoin DeFi on the Stacks layer and is another example of builder-led prioritization driving crucial relationships with high-quality organizations.”
Powering DeFi solutions on Stacks
Supporting more than 200 dApps and over 50 blockchains, DIA’s data feeds will play a key role on Stacks, from lending platforms to stablecoins and decentralized exchanges (DEXs).
Tycho Onnasch, co-founder of Zest Protocol, emphasized the importance of Oracle’s price feeds:
“Oracle price feeds are incredibly important for lending apps like Zest Protocol and the wider DeFi ecosystem on Stacks. As a team, we’re very excited to see the range of options expand so we can easily get reliable price data on the Stacks layer.”
By integrating real-time price feeds into smart contracts and decentralized apps (dApps), developers can unlock a wide range of use cases, including collateralized debt positions (CDP), perpetual DEXs, and lending markets.
Stacks developers will also have free access to DIA’s price oracles, promoting innovation across the platform.
With a decentralized approach, DIA aggregates data from more than 100 exchanges, ensuring that developers can rely on accurate pricing information.
The collaboration will also see the integration of Bitflow exchange data, providing price oracles for all assets traded on the platform.
Source: https://finbold.com/dia-oracles-integrates-with-stacks-to-strengthen-bitcoin-defi/