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DOPEX, a decentralized, disruptive options exchange, announced recently that it had upgraded its in-house oracle solution. The project officially switched to Chainlink Price Feeds on Arbitrum Mainnet. In doing so, the project now has direct access to the industry-leading decentralized oracle network which is high-quality, tamper-proof, and battle-tested for years, which Chainlink spent perfecting its service.
More importantly, DOPEX will now have access to price data feeds which are necessary, particularly in times of great volatility. While the cryptocurrency industry is constantly volatile, there are times when the prices change more actively than usual, and it is in these moments that the users need to have access to an accurate representation of the market situation, which is something that Chainlink Price Feeds can deliver in real time.
Why choose Chainlink?
Essentially, the integration will provide both buyers and options writers with strong assurance that the displayed market prices are fair at all times and that they can transact while viewing the real market situation.
The project noted that the initial integration involves the use of DPX/ETH and that they chose Chainlink as the preferred oracle solution due to its infrastructure being easy to integrate. In addition to that, it survived the test of time, and it operates with great precision and with no hiccups.
Furthermore, Chainlink is trusted by the entire crypto industry, particularly by some of the leading DeFi protocols that are responsible for tens of billions of dollars in smart contract value. It maintains robust security, as well as high availability — even when unexpected events result in unforeseen consequences, such as flash crashes, exchange downtime, data manipulation attacks, and more.
Thanks to the Chainlink integration, DOPEX hopes to progress in its goal to minimize losses for options writers and maximize liquidity and gains for option buyers. At the moment, the project’s flagship product relies on the solution known as Single Staking Option Vault (SSOV), which allows users to effortlessly sell call and put options in the primary marketplace, loathed in the project’s dApp.
How else can Chainlink contribute to DOPEX?
Its team’s goal is to become the biggest decentralized options exchange in the industry and to do that by acquiring deep option liquidity using detailed, precise initiatives. Naturally, such precision and accuracy require access to reliable and trustworthy data that is delivered in real-time, which is another thing that Chainlink can help deliver.
The project also added that it reviewed various oracle solutions and that none of them could match Chainlink’s high-quality data, decentralization, security of node operators, and excellent reputation. In other words, DOPEX wants its option writers and buyers to feel confident, even during times of great volatility, and to know that they are transacting assets at their fair market value.
To learn more about Chainlink, visit our Investing in Chainlink guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.