The need for oracle solutions has become significant in the DeFi sector. DEX projects have started to opt for these solutions as they bring down risks in securing third-party data packs and prove feeds. ChainLink has been making some big moves among oracle solutions by becoming the most sought-after DeFi project of recent times. To add to its growing portfolio, ChainLink will now be integrated with the Avalanche-based DEX platform EMDX.
EMDX is a DEX platform running on the Avalanche Fuji C test et. The platform focuses on derivative protocols to bridge the gap between TradFi and DeFi. The project intends to push forward traditional assets and hedging tools in the DeFi sector. EMDX opens up the DeFi to the opportunities of forex trading, equity, indices, futures, and others by tokenizing the economy. To secure its perpetual swap and other markets through secure price feeds, EMDX signed a deal with Matba Rofex ChainLink Node.
Launched in 1907, Matba Rofex (MTR) reportedly had a century-old run in the financial markets, and Mercado a TĂ©rmino de Buenos Aires and ROFEX merged to create the company. MTR has established a stronghold in centralized finance in Latin American countries. Currently, its portfolio of assets comprises forex, commodities, stocks, indices, equities, and debt. The company entered DeFi Last December by becoming an official node operator of ChainLink, and the intention was to make its presence visible in DeFi projects in the blockchain industry.
MTR signed a partnership with EMDX to use its API on the DEX platform as a step towards this end. The partnership will help the platform receive fresh, tamper-proof price feeds through the ChainLink node of MTR. These nodes will also help reflect the spot price of the assets listed in the EMDX perpetual swap. The MTR nodes will help enhance operations such as liquidations, findings, payments, and settlement on EMDX through accurate decentralised price data. The partnership’s plans for the future involve tokenization, Automated Market Makers, Staking, and validation, along with the oracle solution.
Bernardo Corti from EMDX believes this new venture will push DEX to become an institutional-grade platform for trading derivatives. And what is more, the insights from this addition will help the users invest their capital in the right asset at the right time and provide a way out of unforeseen volatility in the market. On the other hand, this will provide Matba Rofex with a ground to test its innovative ideas and products for the investment market. Moreover, as a regulated exchange, this integration will positively impact the credibility of EMDEX, especially in Latin America. Israel Caram from Matba Rofex claims that this new opportunity will help the firm extend its vibrant philosophy into DeFi.
Source: https://www.cryptonewsz.com/emdx-to-use-matba-rofex-chainlink-nodes-for-secure-price-feeds/