The BitDAO community recently sponsored Chainlink Price Feeds’ launch on Ethereum privately. After the launch, the price feeds will act as a decentralized oracle for the BIT token. It will also optimize the trading of BIT on derivative and sport decentralized exchanges.
Moreover, it will promote the listing process of BIT as collateral on liquidity management and decentralized lending platforms. The venture aims to support developers of the decentralized market by offering a blockchain-centric platform for treasury proposals. Such treasuries are established based on the votes of BIT token holders.
The integration comes with possible proposals, including swaps with projects, expansion through specialized autonomous ventures, and direct partnerships that range from artist guilds, asset managers, gaming organizations, product labs, and more.
BitDAO has chosen Chainlink because of its time-tested and globally accepted oracle network. The venture has already assisted platforms in securing more than 80 billion dollars across multiple blockchains. The oracle network boasts a robust reputation for delivering an esteemed infrastructure and precise data.
That is why Chainlink can easily boost the adoption and promotion of BitDAO’s BIT token. Oracle networks can help BIT gain market acceptance due to its capital-efficient derivatives and spot markets, which enhance its use-cases as collateral in different DeFi spaces.
With perks like transparent monitoring, blockchain agnostic, high-quality data, and a robust infrastructure on display, Chainlink Price Feeds is an obvious choice for platforms. That is why the BitDAO community is showing utmost faith in the network, as it can enable more utility and liquidity for the BIT token. Read this Chainlink crypto price prediction to know more about the future of LINK.
Source: https://www.cryptonewsz.com/bitdao-community-sponsors-chainlink-price-feeds-launch-for-bit-token/