DeFi platform Compound launches open price feed for cryptocurrencies

The decentralized finance protocol Compound has launched its own price oracle for cryptocurrencies as part of its shift to the freely accessible price-flow channel, the Open Price Feed. The developers said this in a blog

An oracle is an external decentralised channel that provides data necessary to execute smart contracts. DeFi platforms use price oracles to provide users with various services, including lending or margin trading.

According to the release, to audit the proposed price stream, Compound engaged OpenZeppelin, a startup, and to verify contract properties — Certora.

The developers also built an aggregator where users can obtain information about quoted prices. Data is available directly from each publisher via their API.

Compound created a prices page so that anyone can freely check the state of the system. All information is available on the network and does not depend on the protocol’s infrastructure, the developers stressed.

They noted that the new price stream has been undergoing roughly ten days of testing on the Ethereum testnets Kovan and Ropsten. The mainnet launch is expected within a week.

Earlier, the cryptocurrency exchange Coinbase Pro introduced price oracles for DeFi protocols.

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