OKCoin Joins Coinbase in Supplying Oracle Feed for DeFi Project Compound

OKCoin says its regulated status and liquidity mean users will be able to trust that its data feed will be accurate and reliable.

Jul 16, 2020 at 9:47 a.m. UTC
Updated Sep 14, 2021 at 9:31 a.m. UTC

OKCoin has launched a new API feed for the decentralized finance (DeFi) space that has already been picked up by lender Compound.

  • The San Francisco-based exchange said Wednesday that OKCoin Oracle would provide on-chain data for DeFi products and features.
  • As a liquid and regulated trading platform, OKCoin said its cryptographically signed price feed would be accurate, adding it would also verify and guarantee the data's reliability.
  • San Francisco-based exchange Coinbase unveiled its own price feed plugin for the DeFi space in April.
  • Like Coinbase's, OKCoin's feed has been incorporated into the oracle system launched last August by Compound.
  • Known as the Open Price Feed System, Compound's oracle relies on data providers to effectively share data on-chain.
  • Rival oracle system ChainLink works broadly along the same lines, although it rewards third-party entities with LINK tokens for providing accurate data, and takes them away again when they don't.
  • OKCoin was founded by Star Xu in 2013; the crypto exchange OKEx spun out of it in 2017.

UPDATE (July 17, 09:25 UTC): This article has been updated to better describe the relationship between OKCoin and OKEx.

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