BitDAO sponsors launch of Chainlink Price Feeds

Members of BitDAO’s community have privately sponsored the launch of new Chainlink Price Feeds (LINK/USD) on Ethereum (ETH/USD), which serve as decentralized price oracles for the BIT token, Invezz learned from a press release.

The integration of the leading oracle network will facilitate optimization of BIT trading on spot and derivative DEXs and make it possible to list BIT as a collateral asset on decentralized liquidity management and lending platforms.

Bringing about an unstoppable economy

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BitDAO wants to bring about an unstoppable economy helped by decentralized technologies, decentralized assets, and decentralized organizations. The organization wants to support creators of the decentralized economy by making available a blockchain-agnostic platform to make proposals to its treasury, which are subject to a vote by BIT token holders.

Project swaps, direct partnerships, and other opportunities

Possible proposals include project swaps, direct partnerships, and expansion via specialized autonomous entities that run the gamut of asset managers and artist guilds to gaming organizations and product labs.

Chainlink was chosen as the most popular and proven oracle network in the blockchain industry, which has helped secure value of over $80 billion for leading dApps across multiple blockchains.

A BitDAO community member commented the integration as follows:

Chainlink has already proven to be a key component of the decentralized economy through its battle-tested oracle services that are easy to integrate and known for best-in-class security and reliability. BitDAO’s mission is to support builders of the decentralized economy and showcase the potential of DAOs, and Chainlink is an obvious choice for helping enable more liquidity and utility of the native BIT token.

Some of the notable features of Chainlink Price Feeds include:

Blockchain Agnostic – Chainlink Price Feeds operate at the native speed and costs of the blockchains they support, removing dependencies on other blockchain networks.

High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volume.

Transparent Monitoring — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of price feeds.

Robust Infrastructure — Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime.